Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law

I am going to file bankruptcy. I am owed about $10,000 in

Customer Question
I am going to file...
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: 5 years ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 3 minutes by:
6/5/2012
Bankruptcy Lawyer: cfortunato, Attorney replied 5 years ago
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified

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
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified
cfortunato and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Bankruptcy Lawyer: cfortunato, Attorney replied 5 years ago
You're welcome! And thank you for accepting my answer!
Ask Your Own Bankruptcy Law Question
Ask cfortunato Your Own Question
cfortunato
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
8,023 Satisfied Customers
Experience: Bankruptcy professor.

cfortunato is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,679 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
Would 529 college savings plan from texas protect out of
would 529 college savings plan from texas protect out of state owners/beneficiaries/donors from judgments outside of texas. Need link to confirm answer.… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Is my old acct. cancelled now and my new acct. opened? Also
Is my old acct. cancelled now and my new acct. opened? Also do I get charged $42 a month just to answer ?s? Do I have a safe code or member pass?… read more
socrateaser
socrateaser
1,031 satisfied customers
Can you file a chapter 11 after your property has been
Can you file a chapter 11 after your property has been auctioned ? My state is a 30 day right of redemption period. Please do not answer if you are not a Bankruptcy Attorney… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
I am considering filing a chapter 7 personal bankruptcy. I
I am considering filing a chapter 7 personal bankruptcy. I know some years ago there were some changes in the bankruptcy laws. What I need to know, first of all, is how much money can be retained in a… read more
LegalGems
LegalGems
Juris Doctorate
10,718 satisfied customers
Case and I lost motion and the creditor won the relief of
case and I lost motion and the creditor won the relief of stay and I filed a appeal within the 14 days that was allowed per bankruptcy code I appealed to the us bankruptcy district court i received de… read more
Damien Bosco
Damien Bosco
3,391 satisfied customers
Does the statute 52 321a apply to bankruptcy? Also will my
Does the statute 52 321a apply to bankruptcy? Also will my employer or HSA bank be notified when I file chapter 13 assuming the HSA funds are not exempt?… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
I filed bankruptcy March 2015. I had an audit for 2015 taxes
I filed bankruptcy March 2015. I had an audit for 2015 taxes and the IRS just finished the audit this month. The State refunded me $600 a few months ago but The Federal I owe $1500. The trustee was wa… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
I am trying to find an attorney for bankruptcy that will not
I am trying to find an attorney for bankruptcy that will not charge me. I paid Scott Allums in Hoover, AL $900 to retain him and paying monthly but he closed my case because I didn't pay him quickly e… read more
Ray
Ray
Lawyer
Doctoral Degree
30,899 satisfied customers
In a chapter 7 BK how does a debtor that has been an active
in a chapter 7 BK how does a debtor that has been an active seller via online auctions but failed to file a schedule C with their 1040 (major losses here) turn over records to the trustee to be as tot… read more
Michael Bradley
Michael Bradley
JD
1,193 satisfied customers
Wishes to list his personal injury action, wherein he was
John wishes to list his personal injury action, wherein he was injured in a car accident, on his Chapter 7 petition in NY State, EDNY. He listed the action on his Statement of Financial Affairs, but w… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
To Socrateaser Socrateaser would answer a question for me
To Socrateaser Socrateaser would answer a question for me about amending schedule C in a BK case in the Ninth inning? I am still in BK but soon will close. $175,000 is homestead exemption based on new… read more
socrateaser
socrateaser
1,031 satisfied customers
BANKRTUPCY: Debtor filed Chapter 7 bankruptcy; and included
BANKRTUPCY: Debtor filed Chapter 7 bankruptcy; and included Wage Garnishments in Schedule A/B and Sch C. Is there an additional form the debtor must file in order to have the wage garnishment returned… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
Hope you can help us. we're trying to reifinance our home
Hello, hope you can help us. we're trying to reifinance our home but found out the American Express put a lien in our property. I filed a bankrupcy in 2010 which includes the Amex charge. Contacted my… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
In the Utah code you sent me it states: 75-7-501 Rights of
In the Utah code you sent me it states: 75-7-501 Rights of beneficiary's creditor or assignee. "To the extent a beneficiary's interest is not protected by a spendthrift provision or Section 25-6-14, t… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,377 satisfied customers
BANKRUPTCY: Debtor is converting from Chapter 13 to Chapter
BANKRUPTCY: Debtor is converting from Chapter 13 to Chapter 7. His home is currently under open Foreclosure. How does converting to CH7 affect his home? We are adding the home to Schedule C, and on th… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
21 November 2016 05:31 New Question: The Garnished wages
21 November 2016 05:31 New Question: The Garnished wages were not included on Schedule C. Can the Debtor Amend Schedule C to include the Wages? What other Schedule needs amending; and what is the prop… read more
Law Tutor, Esq.
Law Tutor, Esq.
Lawyer
Doctoral Degree
165 satisfied customers
BANKRUPTCY: Chapter 7 Pro Se Debtor had a Garnishment that
BANKRUPTCY: Chapter 7 Pro Se Debtor had a Garnishment that was stayed by bankruptcy. Debtor was advised to contact the Creditor's Attorney for Refund of garnished wages. Creditor's Attorney is uncoope… read more
Law Tutor, Esq.
Law Tutor, Esq.
Lawyer
Doctoral Degree
165 satisfied customers
Does it matter which chapter of the BK code is used when
Does it matter which chapter of the BK code is used when assessing the statute of limitations issue?… read more
Ely
Ely
Counselor at Law
Juris Doctor
266 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x