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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I will be receiving a one time severance payment of $10,000

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I will be receiving a one time severance payment of $10,000 from my former employer. I am currently unemployed with no savings and monthly unemployment is enough to pay rent and utility bils but there is nothing left over for groceries, car insurance etc. If I file chapter 7 bankruptcy will I have to give up the severance payment?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.
Hi - my name is XXXXX XXXXX X'm a Bankruptcy attorney here to assist you.

Will you be receiving the $10,000 as a lump-sum payment, or will the $10,000 be paid over time?
Customer: replied 2 years ago.
It is a one time lump sum payment.
Expert:  cfortunato replied 2 years ago.

There is no Kansas Bankruptcy exemption (protection) for a lump-sum severance payment. Since any of that money that you have at the time you file a Bankruptcy can be taken by the Bankruptcy court, it would be a good idea to wait until the money is spent before filing a Bankruptcy.

(This is assuming that you have lived in Kansas continuously for the past 2 years. If you have not, please let me know, as the exemptions may be different if you have not lived in Kansas for the past 2 years.)

 

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

Thank you.

cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you

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