Hopefully you will not be injured so severely that you are entitled to millions of dollars of compensation. The answer is it depends. This hypothetical person is also thinking about suing the person who hit their car and caused the injury. 140(b)(11)(D). If you were unfortunately seriously injured and require around the clock care you will most likely need every penny of a personal injury recovery.
It all depends upon your circumstances at the time you file for bankruptcy protection. So if you have filed a lawsuit or are planning on filing a lawsuit what happens to your personal injury claim if you file for bankruptcy protection with the help of an experienced bankruptcy attorney under Chapter 7 or Chapter 13 of the Bankruptcy Code? West Coast Bankruptcy Attorneys is a Bay Area and California consumer bankruptcy firm filing Chapter 7 and Chapter 13 for individuals in need. Keeping every penny would be reasonably necessary for your support and maintenance. The good news is that there are exemptions to protect personal injury awards and claims. Under the 703 California Exemptions you can protect a personal injury claim up to $22,075.
Unfortunately they are also thinking about filing for bankruptcy since they have not been able to keep up with their credit card payments given that they cannot work as much due to their injury. For purposes of this article the person filing for bankruptcy was in fact injured in a car accident and suffered damage to their arm requiring surgery. articleIf you have unfortunately been injured in a car accident, injured at work or at a business you were shopping at you could have a personal injury, or PI, claim. If you receive $30,000 somehow it may not all be reasonably necessary for your care and support. This is a personal injury in which the California exemptions can be applied, either Section 704.
Which set of exemptions you use will depend upon the nature of the injury and the possible recovery. There are personal injury awards that can be protected when filing bankruptcy. This is only for your injuries and not for pain and suffering or pecuniary (financial) loss.
Visit West Coast Bankruptcy Attorneys online to find out more about our bankruptcy lawyers or bankruptcy attorneys committed to providing the best experience for a reasonable fee The first issue is do you actually have a PI claim? So if you receive a multi-million dollar settlement can you keep every penny and still get rid of your debts in bankruptcy? Under the 704 California Exemptions a PI claim is exempt up the amount reasonably necessary for the maintenance and support of the judgment debtor's spouse and dependents. 140 (a-b) or Section 703. The other extreme is if you are in a car accident and merely break an arm and do not have any long-term problems as a result. There have been many attempts to bootstrap other types of causes of action as exempt under a personal injury theory. Ezinearticles
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