I had to file bankruptcy a couple years earlier due to medical bills that were related to this incident. Now I am worried that my settlement will be seized if I report it as earned income by the court. Is there any legal way for me to keep this money with or without having to report it as income? Are there any consequences for not reporting it as earned income? Is it true that the income isn't really earned unless you cash it yourself in your name only? What should I do?
2006-07-25 05:24:23 · 5 answers · asked by rascoe627 1 in Politics & Government ➔ Law & Ethics
You filed bankruptcy a couple years ago. Was your discharge granted, or are you still doing a chapter 13 plan? Those are the first qustions. You should contact your bankruptcy lawyer if you are still on a chapter 13 plan. If your bankruptcy was a couple years ago and your plan is completed, or you filed chapter 7, then no one can touch your money; your bankruptcy is completed.
2006-07-25 05:28:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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2016-05-17 07:03:36 · answer #2 · answered by ? 3 · 0⤊ 0⤋
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2016-09-17 21:14:26 · answer #3 · answered by ? 3 · 0⤊ 0⤋
The settlement is not taxable income
The debts are all ready discharged
Verify this with a CPA and relax
Hope you are feeling ok
2006-07-25 05:30:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Contact your attorney and tax preparer. I don't think the medical part is taxable, but the pain and suffering may be.
2006-07-25 05:31:14 · answer #5 · answered by kny390 6 · 0⤊ 0⤋
medical settlements arent taxed silliy
2006-07-25 05:29:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋