IKE damage/insurance check and how it affects me.

[JRScott]

I've seen pictures of the devasted areas , doesn't look good.

Good Luck Morally, always doublecheck with your lawyer on advice, but I agree that the insurance payment shouldn't count as income .

[AngelinaCatHub]

I do not see how this should be figured into income. (note, I am not an attorney).

This claim is for insurance you have on property (your home) which is part of your bk estate. The proceeds will be used to put your home back in the condition it was in when you filed. (I'm sure the check will be made out to you AND your mortgage company). The mortgage company will more than likely follow through to ensure the money is spent on the repairs. As you will not benefit monitarily from this, I don't see how it could be considered "income".

But ask your attorney about this, for sure.

[krielly]

I do not see how this should be figured into income. (note, I am not an attorney).

This claim is for insurance you have on property (your home) which is part of your bk estate. The proceeds will be used to put your home back in the condition it was in when you filed. (I'm sure the check will be made out to you AND your mortgage company). The mortgage company will more than likely follow through to ensure the money is spent on the repairs. As you will not benefit monitarily from this, I don't see how it could be considered "income".

But ask your attorney about this, for sure.

[morallyBR2]

Will a insurance check to cover damages from IKE be figured into my income? If so I can have my dad cash the check and hand over the money but I would rather not. The check is going to be about 20k but it will take every penny to put my house back together.