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Can A Personal Injury Award Affect A Bankruptcy Claim
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One solution that can help in this kind of situation is to file for a personal bankruptcy. But can a personal injury affect a bankruptcy claim?
There are two types of consumer bankruptcy and a claim for personal injury can affect both but in different ways. When an individual files for Chapter 13 bankruptcy, the bankruptcy lawyer Orange working on behalf of the individual will ask the court to reorganize his debts. Part of this is to pay some debt, reduce the amount and interest on some debt, or even totally discharge certain debts.
Because the debtor has agreed to settle most of the debts in Chapter 13, the debtor may keep most or sometimes all the proceeds from the claim. However, there are factors that needs to be considered again and getting a personal injury attorney in Anaheim can help in determining which of these factors needs to be dealt with first.
In Chapter 7 Bankruptcy, an individual is asking the bankruptcy Court to discharge his or her obligations completely thus, any personal injury award becomes the property of the estate. Some exemptions may apply though. These are exemptions pertaining to providing necessary support for the debtor’s spouse and children or dependents and exemption of wrongful death, which also sees the benefit that the spouse and dependents gets for survival.
In both cases, considering all the factors and exemptions to consider about bankruptcy law, it is quite overwhelming to understand especially for a normal day to day person. It’s important to secure the help of a qualified bankruptcy law firm Garden Grove to make sure that a case is filed and processed properly to secure claim.
The objective of a personal injury lawyer in Orange is to get the best and the maximum compensation for the injury obtained by the client. So if the individual is already considering to file for a bankruptcy, it is crucial to let the lawyer know so they could work together with a bankruptcy attorney in La Habra to make sure that they get the best possible compensation. It is possible for a client to eliminate outstanding debts and still get to keep some of the proceeds from the claim.
If you are considering to file either of the two types of consumer bankruptcy and but have experience personal injury, it’s best to not just read and research about your options. Consult with a law firm you can trust and depend on to fully understand your rights, your benefits, and your options to get out of debt and maintain some of your assets until you can fully recover and get back on your feet again.
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