How much of your income is workers compensation?
Instead, they get workers’ compensation benefits which are typically 66.6% of their regular income. Workers? compensation benefits may be the only asset or source of income a person has. In these situations, one of the first questions a client will ask is whether or not their workers compensation benefits will be protected, ...
Can a trustee take my benefits?
Although the Trustee cannot take your benefits, your benefits are considered income and will be used for the Means Test to determine whether or not you can qualify for a Chapter 7 bankruptcy and/or the amount that you will need to pay back to the court in the event that you file a Chapter 13 bankruptcy. If you are expecting a large workers ...
Do you have to discuss pending workers compensation settlement with your attorney?
If you are expecting a large workers compensation settlement, it is very important that you discuss the pending settlement with your attorney ahead of time. Once a settlement is reached, it is necessary in some districts of North Carolina that you obtain the Court’?s approval to settle the claim and the exemptions in your bankruptcy are amended.
Is Missouri a workers comp state?
In Missouri, there is no exemption for a workers compensation settlement. The only exemptions available are the wild card, head of household an dependent exemptions.
Does Florida have workers comp?
Florida has a law which protects workers comp monies. I represent Trustees and had a case where a good attorney filed a bankruptcy case and claim $650,000 as exempt under Florida law for a debtor and despite what I perceived as being unfair, the law supported all of the $650,000 as exempt.
Is worker comp exempt in Washington?
In Washington, a worker's comp award is exempt until paid. Consequently, if you file before the award, it is exempt. If after, it is not.
Is it safe to file for workers comp?
The safest way is to file before you receive the workers comp. If you are receiving a lump sum. Because workers comp under Federal exemptions is 100% protected while it is still in the hands of workers com bureau. Once it is received it is cash and only protected either partially or at the discretion of a judge which is never a good thing. Are the lawyers you are talking to certified or highly rated like myself in the field of bankruptcy. There are differences between good lawyers and very good lawyers.
Is a workers comp award exempt in Illinois?
I am so sorry you are getting different answers. It seems that something like a workers comp award should be exempt in Illinois and it is exempt. The exemption is not contained in the Code of Civil Procedure. The exemption is contained in the workers compensation act. The exemption needs to be properly claimed or it is waived. Since there is an exemption for the workers compensation award, you would not need the wild card exemption, which is $4,000.00. I hope this information helps.
Robert W Gambrell
If the worker's comp claim was listed as an asset and was claimed as exempt and no parties objected to the claimed exemption within 30 days of your meeting of creditors or filed a motion to extend the objection period prior to the end of the objection period, then the asset is exempt under bankruptcy law.
Waymon S. Harrell
If you claimed the New Jersey state exemptions, as opposed to the federal exemptions, you are in good shape with your settlement. Workers' compensation benefits are 100% exempt in the state of New Jersey, under the New Jersey bankruptcy exemption statutes.
Richard D. Granvold
Assuming you listed it (you said you "declared" it) so I assume listed, and assuming you exempted 100% of it in Schedule C then assuming 30 days went by after your341 meeting and no objection filed, then all assets listed therein are yours. I would NOT bring anything else to the trustee's attention if the above is true.
Michael Christopher Burr
Workers Comp should be 100% protected: http://www.nolo.com/legal-encyclopedia/new-jersey-bankruptcy-exemptions.html I say should be because it needs to be listed on your papers with you claiming an exemption in it. Sounds like the trustee was aware of it and chose not to pursue it.
Bradley J. Jones
I know that in MT your WC claim becomes an asset of the estate and the trustee can actually dismiss a WC attorney from representation. You need to discuss this with your bankruptcy and WC attorneys. More
Dorothy G Bunce
Your work injury occurred after you filed bankruptcy so there would be no need to exempt a settlement since it wasn't part of the estate. However, most of workers compensation benefits are to replace lost wages and to that extent, your plan payments could go up to reflect that you have an additional income. No easy answer to this question.
Robert W Gambrell
Depends upon the law in Oregon, but in most states, Worker's Comp benefits are 100% exempt. However, how each courts view the worker's comp settlement can vary. In our court, our trustees agree that the asset is exempt and the debtor can keep 100% of the proceeds.
