| T O P I C R E V I E W |
| Pauldch92 |
Posted - 09 January 2012 : 15:39:45
would a personal injury compensation payout be classed as an asset in bankruptcy? I do not know what portion of the payout might be for future earnings or how much for pain and suffering. |
| 3 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 09 January 2012 : 16:40:34
Where are you up to on this because if it has both aspects as above then it is the OR that has the right to take the case forward so if already bankrupt you need to speak to them quickly |
| Melanie.n |
Posted - 09 January 2012 : 16:14:14
Hi there and a wram welcome to the forum with regard to your question - compensation is paid out in 2 parts - 'loss of income' & 'pain amd suffering'
the 'pain & suffering' element is escluded from bankruptcy, but the 'loss of income' is calssed as an asset
Hope this clarifies things for you, Melanie
Melanie Nicholas CertDR
30 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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| Niobe |
Posted - 09 January 2012 : 16:13:33
Hi and welcome
I think it does depend on what the payment is for but hopefully one of the experts can help further.
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