{"id":10458,"date":"2019-11-20T23:59:20","date_gmt":"2019-11-20T23:59:20","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=10458"},"modified":"2019-11-20T23:59:26","modified_gmt":"2019-11-20T23:59:26","slug":"personal-injury-settlements-are-protected-in-new-york-bankruptcy-to-a-point-2","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/personal-injury-settlements-are-protected-in-new-york-bankruptcy-to-a-point-2\/","title":{"rendered":"Personal Injury Settlements Are Protected in New York Bankruptcy, to a Point"},"content":{"rendered":"<p>In bankruptcy in New York and elsewhere, not all assets are tangible property like items purchased with a credit card, or a house with a mortgage. Rather, income from third parties, such as a settlement from a personal injury also counts. Here are a few things you need to know about personal injury settlements in a New York bankruptcy:<\/p>\n<ul>\n<li>Federal exemptions protect up to $25,180 in personal injury claims, but they exclude noneconomic damages, e.g. pain and suffering. However, economic damages such as medical expenses and lost wages are covered.<\/li>\n<li>Also under the federal exemptions, up to an additional $13,900 in a \u201cwild card\u201d exemption can be applied to a personal injury settlement. &nbsp;(Currently the federal &#8220;wild card&#8221; exemption consists of $1.325, plus the unused portion of the homestead exemption, up to $12,575. &nbsp;Debtors who do not use the homestead exemption can add the two parts of the &#8220;wild card&#8221; exemption together.)<\/li>\n<li>New York has its own personal injury exemption up to $8,550, but this also excludes pain and suffering. The federal and state exemptions cannot both be used, so the settlement is better protected under the federal exemptions.<\/li>\n<li>In theory personal injury settlements can be further protected in Chapter 7 proceedings if the creditors fail to file their \u201cproof of claims\u201d with the bankruptcy court before the deadline. If this happens, then they waive their rights to collect on non-exempt debts like the balance of a personal injury claim above the exempted amount.<\/li>\n<\/ul>\n<p>There are two things to take from these points:<\/p>\n<p>One, the amount that is exempt depends on whether the damages are characterized as economic or non-economic damages, which is a decision you and your personal injury lawyer will have to make when negotiating with the defendant. Thus, make sure your lawyer is a good negotiator who can foresee a bankruptcy filing in the future. This may be unlikely to occur, but anticipating future problems is a skill good lawyers have.<\/p>\n<p>Two, an experienced New York bankruptcy attorney is vital to help you decide which set of exemptions is best for your case. In some situations the state exemptions may be best; others may be better off under the federal exemptions.<\/p>\n<p>For more questions about personal injury settlements and bankruptcy, please feel free to <a href=\"\/contact\">contact<\/a> experienced Brooklyn <a href=\"https:\/\/nybankruptcy.net\/main\/\" target=\"_blank\" rel=\"noopener noreferrer\">bankruptcy attorney near me<\/a> Bruce Weiner for a free initial consultation.<\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In bankruptcy in New York and elsewhere, not all assets are tangible property like items purchased with a credit card, or a house with a mortgage. Rather, income from third parties, such as a settlement from a personal injury also counts. Here are a few things you need to know about personal injury settlements in &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/nybankruptcy.net\/main\/personal-injury-settlements-are-protected-in-new-york-bankruptcy-to-a-point-2\/\"> <span class=\"screen-reader-text\">Personal Injury Settlements Are Protected in New York Bankruptcy, to a Point<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Personal Injury Settlements Are Protected in New York Bankruptcy<\/title>\n<meta name=\"description\" content=\"In bankruptcy in New York and elsewhere, not all assets are tangible property like items purchased with a credit card, or a house with a mortgage. Rather,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nybankruptcy.net\/main\/personal-injury-settlements-are-protected-in-new-york-bankruptcy-to-a-point-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Personal Injury Settlements Are Protected in New York Bankruptcy\" \/>\n<meta property=\"og:description\" content=\"In bankruptcy in New York and elsewhere, not all assets are tangible property like items purchased with a credit card, or a house with a mortgage. 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