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ICBC Settlement

If I receive a settlement from ICBC for injuries received in an accident is that considered to be income?

Posted from: British Columbia

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One Response to “ICBC Settlement”

A licensed trustee said...

It depends on the terms of the settlement – if you ahve already filed for bankruptcy thengo and speak to your trustee. If you haven’t filed then speak to the lawyer that handled the suit for you. Payments for lost wages and economic loss are considered either income or a windfall. Payments for paid and suffering and non-economic loss are not.