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Insurance claim settlement

I was involved in a car accident in 2004 and went through a lawyer to resolve a claim for me. I heard back from him recently asking for an update to my income loss since the accident.

If I file for bankruptcy in the next few months and a settlement comes through pertaining to the accident and I have not yet been discharged. Is the claim exempted or does it get seized by the Licensed Insolvency Trustee?

Thanks

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One Response to “Insurance claim settlement”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This largely depends on the type of settlement that is received. If you are in bankruptcy or about to file a bankruptcy you will loose any settlements for loss of income or asset recovery. However, if the nature of the funds is a result of personal injury or pain and suffering it is typically considered exempt (depending what province you live in).

As a result of these provincial differences I suggest you contact a licensed trustee in your area and he will be able to clarify the provincial specifics.