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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am going to file bankruptcy. I am owed about $10,000 in

Resolved Question:

I am going to file bankruptcy. I am owed about $10,000 in restitution from a crime of which I was a victim about two years ago. I have been told not to expect a payment for about 15 years and at that point I may get about $20. How would I value this asset?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.

cfortunato :

Hi JACustomer,

cfortunato :

You would have to list the total amount owed ($10,000) as a "contingent" claim - which means you may not receive the total amount owed - and then explain that you are unlikely to receive more than $20.

cfortunato :

So on Schedule B, you would list "$10,000 restitution award" in the Description column, and $20 in the Current Value of Debtor's Interest column (if you are reasonably sure that is all you will receive).

cfortunato :

The entire award may be exempt, though, so if there is any possibility that you will receive more than $20, then you can apply the Crime Victims' Compensation exemption to the entire $10,000 on Schedule C.

cfortunato :

I think this is what you wanted to know. If not, please let me know.
Thank you.

Customer:
Customer:

What is the Crime Victims' Compensation Exemption?

cfortunato :
cfortunato :

Are you in South Dakota?

Customer:

Yes.


 

cfortunato :

There is an exemption in South Dakota for compensation for victims of crimes. In other words, for restitution.

cfortunato :

South Dakota Code section 23A-28B-24.


 

Customer:
Customer:

Thanks!


 

Customer:
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you
Expert:  cfortunato replied 2 years ago.
You're welcome! And thank you for accepting my answer!

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