01 Feb Tim Flook Introduces Missouri House Bill 1433 To Exempt Personal Injury Suits.
On January 6, 2010, Missouri Representative, Tim Flook, introduced House Bill 1433. The bill Mr. Flook introduced “Adds an unliquidated personal injury claim, not including compensation for actual pecuniary loss of the debtor, to the list of property that is exempt from attachment and execution.” This bill in an effort to protect personal injury claims from creditors for Missourians. In an effort to show support, St. Louis, Missouri Bankruptcy Attorney, Wendell Sherk, testified before the Missouri House Judiciary on January 27, 2010.
Why is Mr. Flook’s bill important to all Missourians? As of today’s date any personal injury claim that is not settled as of the date of the bankruptcy filing is considered to be an asset. If the asset (in this case a personal injury suit) is not protected through an exemption, the trustee can take the proceeds of that settlement to pay back your creditors. So if you are in Missouri and have a personal injury claim, you have an asset that is exposed to creditors.
Let’s say you were hit by a drunk driver. As a result of that accident you now have a personal injury claim against that driver. If you were to file bankruptcy that claim now belongs to the trustee who can choose whether or not to keep that claim for the benefit of your creditors. I as well as others think that is an insult because that award can be garnished or taken for the benefit of your creditors. Therefore it is critical that Mr. Flook gets House Bill 1433 passed. Again if this bill becomes law any personal injury suit will be protected from your creditors.
If you live in Missouri you can make a difference by supporting House Bill 1433 to protect personal injury suit proceeds from creditors. The best way to support this bill is to call and/or email your legislator and urge them stand by Tim Flook and support House Bill 1433. Tim Flook has taken a stand to improve the financial life of all Missourians, therefore it is important that we recognize his efforts and support House Bill 1433.
If you live in the State of Missouri and are contemplating filing bankruptcy check with a qualified bankruptcy attorney first, especially if you have a personal injury suit. For the Eastern portion of Missouri you can contact Wendell Sherk at (314) 781-3400 to review your case. For the Western portion of Missouri you can contact Rachel Lynn Foley at (816)-472-4357 to review your case.
Remember that knowledge is power and the more knowledge you have about your government the more power you will have to stand up for your rights.