How much personal injury money can 2 married joint debtors collect during a Chapter 13 bankruptcy?
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How much personal injury money can 2 married joint debtors collect during a Chapter 13 bankruptcy?
I see where my state has a personal injury exemption of $15,000 for an individual under the personal property section of the law. It seems like most of these exemptions can be doubled when there is an interest by joint debtors to the money. However, I cannot find any specific law or legal case that speaks to this issue.
Asked on March 29, 2014 under Bankruptcy Law, Illinois
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Under Federal bankruptcy laws, Federal law controls not state law. If you and your spouse are in a Chapter 13 bankruptcy and have suffered a personal injury, any settlement moneys are yours under Federal bankruptcy law. The only issue is what the court will order you to pay your creditors in a monthly basis under your reorganization.
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