Bankruptcy and Court-Awarded Monies

When an individual wins a case or is awarded a settlement in a court case, he or she often wins financial compensation. These finances typically are meant to offset the losses that an individual has suffered due to some event.

Because these monies are court-awarded, individuals get to keep them when they file for bankruptcy. For more information about what property you may or may not get to retain in bankruptcy, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494 today.

What Are Court-Awarded Monies?

Some individuals may have some confusion over what monies are considered court-awarded and which ones are not. In general, court-awarded monies come from civil lawsuit settlements. These funds may come from cases involving:

• Personal injury
• Wrongful death
• Breach of contract
• Libel and slander

It is important to note that individuals only have to surrender property in the event that they declare Chapter 7 bankruptcy, which requires an individual to liquidate many of his or her assets. Individuals who declare Chapter 13 bankruptcy need not worry about losing any of their property.

For more information on what other property may be exempted from Chapter 7 bankruptcy liquidation, individuals should discuss their financial situation with an Arizona bankruptcy lawyer.

Contact Us

If you or someone you know is currently headed toward bankruptcy and you have questions about what property you may get to keep, please contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494.