How much of his insurance settlement would he receive?
September 25th, 2015 by Questions
Three years ago a relative was injured severely in an auto accident that was not his fault. He has received no compensation to date – only some medical expenses(?). He is not able to earn an income due to his injuries. Somehow he negotiated an auto loan (with no income!) in which he has tens of thousands in negative equity. To date, he has been fronted money by his lawyer and I (pending a significant(?) insurance settlement), but I can not sustain continued support to the extent he has been getting. He tells me that If he were to apply for bankruptcy that all of his insurance settlement would be forfeited to the Licensed Insolvency Trustee. My question is: once all his debts have been paid, how much of his insurance settlement would he receive?