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$9,500 insurance check on vehicle fire - include in income?

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    $9,500 insurance check on vehicle fire - include in income?

    Quick Question: I'm filing pro se, single filer with same household as my wife. 3 months ago her SUV burned in a fire. The insurance company paid off the loan and sent her a check for $9,500. I know this needs to be included in the 6 month income calculation, but how can I inform the trustee that this is a one-time occurance and shouldn't be included in our income?

    Is there somewhere I can "back this out?"

    Please advise... THANKS!

    #2
    MikeB, we received $4070 proceeds from a cash for keys transaction within the 6 month window. We excluded amount from both our means test and schedule I, but included it under the Statement of Financial Affairs under Section 2. Not sure if you can do same, but even if you are pro se, definitely worth gathering up a few questions and engaging a couple free consultations to ask them.
    Stopped paying: 08/10, Filed CH7: 08/27/10 , 341 & No Asset Report: 10/6/10, Last day to object: 12/06/10, Discharged: 12/07/10, Closed: 12/08/10
    AHEM.....NOT AN ATTORNEY, NOT ADVICE, ETC, ETC

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      #3
      We have received insurance money from having a lightning strike at our home. (Many electrical items were destroyed) Our attorney said it was NOT income. It would just be disclosed what we received it for. Any money not spent yet to replace or repair items, we would exempt.

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        #4
        Hi MikeB,

        Just some random thoughts...

        Was the car in her name only?

        If joint, you only have a half interest in the vehicle...only half on income?

        The UST hasn't posted anything about an insurance claim on their line-by-line notes on the means test



        Two possible places to mention it in Statement of Financial Affairs:

        Statement of Financial Affairs, #2 Income other than from employment or operation of business
        Statement of Financial Affairs, #8 Losses

        Schedule I, insurance claims not mentioned

        Just some random thoughts, might be useful, might not....

        Tom in Colo
        Ch7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010

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          #5
          yes, the car was in her name only. The loan was also in her name only. Thanks

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