insurance settlement and BK

[bigtim6656]

How would a large, say 10-25k settlement check from a car wreck effect filing chapter 7 in the next several month, figure the time I get the check should be about a month or two before I file. Is it protected, not, can I wait ohh say a year and not claim it

[btbeme]

The lookback period for income is 6 months. Any income received in the 6 months prior to filing must be documented and claimed on the filing. If it is not otherwise protected under a state exemption, it is income, and any leftover proceeds not otherwise spent on exempt purchases are at risk.

[bigtim6656]

SO WAIT 6 MONTHS TO FILE RIGHT If I do go ahead with with a move to florida I would fall under the fed exemptions and nearly be covered.

[debee]

The look back for income is 6 months (on the Means Test) but it is 2 years on your actual petition.

It is question 1 & 2 on the Statement of Financial Affairs. Question 1 is income from employment/operation of business and Question 2 is all other income.

EDIT TO ADD:

BTW, I copied/pasted this from NOLO's list of Indiana exemptions:

Mutual life or accident proceeds to extent necessary for debtor's reasonable living expenses.
Ind. Code Ann. § 27-8-3-23
In re Stinnet, 321 B.R. 477 (S.D.Ind. 2005)

[daylate]

SO WAIT 6 MONTHS TO FILE RIGHT If I do go ahead with with a move to florida I would fall under the fed exemptions and nearly be covered.

If you move to Florida you wouldn't be able to use Florida exemptions for 2 years BUT you might not be able to use Indiana exemptions because of your move. Hang on a sec-I just checked one of my favorite websires and it says:
Indiana’s exemptions are limited to domiciliaries. “The following
property of a debtor domiciled in Indiana is exempt . . ..” Ind.

That means if you are living in Florida you can't use Indiana exemptions and since, presumably you will file prior to living in Florida for 2 years, the only option is to use Federal exemptions.

I'd check with an attorney in FL but that is my understanding-good luck.
Code Ann. § 34-55-10-2(c).

[bigtim6656]

that is mine also, I was told if I moved and file before 2 years I would fall under the fed exemptions, which helps me alot. Just have to wait 90 days to file