If a person has a structured settlement annuity due to a birth injury that left that person disabled. Can the annuity be liquidated if that person files for bankruptcy? Chapter 13 or chapter 7?
structered settlement annuity?
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Bart M
February 22, 2010 at 9:46 pm
It’s an asset and the BK Judge will need to know of it.
golferwhoworks
February 22, 2010 at 10:25 pm
that all depends on how much is in there and what the trustee thinks he should do with it. You are allowed to keep some assets even in a chapter 7 so consult with an atty in your area as they should know best how this will be viewed by the trustee
debijs
February 22, 2010 at 10:45 pm
~~I don’t think so. This annuity is for a disability which is a payment you are suppose to receive over your lifetime. It should never be able to be touched.~~
Sergey45
February 22, 2010 at 11:21 pm
I think contacting an attorney and asking his opinion wouldn’t be a bad idea. The problem is that every reliable attorney, who’s opinion you can trust is not working for free. So perhaps one hour of consultation will cost you somewhat around $150.
Another tip – try to contact annuity specialist from any Structured Settlement firm. That one will cost you nothing and you’ll have some initial idea, which you need to check of course.
Here is just one of them:
http://www.ssa.medgrip.com
I am sure there is many more, looking for potential clients. But you can use them to your advantage, why not?