Property of the Estate
 

Property of the Estate 

When an individual files for bankruptcy protection they often forget about three potential assets that are property of the estate: (a) tax refunds from the IRS and New York State, (b) lawsuits in which you are the plaintiff and (c) inheritances from family or friends within 180 days after the date of the bankruptcy filing. With respect to lawsuits where the client is the plaintiff, personal injury payments up to $7,500.00 for bodily injury (not including pain and suffering or compensation for actual pecuniary loss), are exempt from the reach of creditors and are the property of the client. See Exemptions for more information.