Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*
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Did the cause of action that you settled occur before you filed the bankruptcy petition or after you filed the bankruptcy petition
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I got cancer a year after filing bankruptcy
Lung cancer (asbestos)
Sorry to hear thatYou will need to determine whether your plan is at 100%. Chapter 13 plans must pay 100% or pay all disposable income for at least three years after the date of the first payment under the plan. If your plan is at 100% or 3 years has elapsed, you can use the funds as a plan prepayment. If not, your settlement will need to be paid into the plan in addition to the amount stated in the plan.
Will putting the funds in escrow save me from getting the money in my hands and reporting it? I have been paying the bankruptcy on time for over three years and just have two years left. I am paying a partial payment of everything owed, but it will go back to 100% if I report the windfall.
If I received the windfall after the bankruptcy ended, I would be able to keep all of it, which is not going to be much when they take out for the lawyers and medicare.
If you now have the right to receive the funds, regardless of whether it is an escrow, if less than 3 years has elapsed on your bankruptcy plan, you are required to paid into the court
It is the right to receive the funds that the court is concerned with – not necessarily the actual receipt of the funds
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