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.
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
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
would a personal injury compensation payout be classed as an asset ?
Posted - 09 January 2012 : 15:39:45
