Orso, who had declared bankruptcy, received a structured tort settlement in a personal injury claim he had pending The settlement would pay him an annuity each year for 30 years because the claim was the result of an auto accident that left him permanently and severely brain damaged with an IQ of a...

Orsos payments are nonexempt Under the terms of the settl ...

Orso, who had declared bankruptcy, received a structured tort settlement in a personal injury claim he had

Question:

Orso, who had declared bankruptcy, received a structured tort settlement in a personal injury claim he had pending. The settlement would pay him an each year for 30 years because the claim was the result of an auto accident that left him permanently and severely brain damaged with an IQ of about 70. His wife had a pending claim for $48,000 in arrearages on Orso’s $1,000 per month child support payments. His wife wanted the included in the bankruptcy estate. Would this property have been included in Orso’s bankruptcy estate? [In re Orso, 214 F3d 637 (5th Cir)]

Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...