QUESTION
Do I have to claim workers compensation settlement in bankruptcy?
Asked on Nov 15th, 2012 on Bankruptcy - New Jersey
7 ANSWERS
yes, you must disclose all assets and all rights to assets.
Answered on Nov 19th, 2012 at 5:25 AM
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
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You are required to list all assets and all liabilities. Whether the worker's compensation is exempt is determined by your state exemptions. It is important that you seek competent bankruptcy advice. Please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy. My best to you.
Answered on Nov 19th, 2012 at 5:24 AM
Bankruptcy laws require you to disclose all assets you own, and since a claim for Workers compensation benefits is an asset, you must disclose it. Fortunately, this asset is exempt under Nevada law.
Answered on Nov 19th, 2012 at 5:22 AM
Bankruptcy Attorney serving Livonia, MI
at
Charles J. Schneider, P.C.
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You must list all assets and income.
Answered on Nov 19th, 2012 at 5:21 AM
William H. Von Willer
It should be reported.
Answered on Nov 19th, 2012 at 5:19 AM
Bankruptcy Law Business Attorney serving Asheville, NC
Partner at
Pitts, Hay & Hugenschmidt, PA
2 Awards
No. Workers Comp benefits are exempt.
Answered on Nov 19th, 2012 at 5:18 AM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
Yes, but in NJ, you can exempt a potion of it out. If you do not claim it in the Bankruptcy, it is fraud.
Answered on Nov 19th, 2012 at 5:18 AM