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Submitted 211 days ago...
Do I pay tax on settlement money that was owed me anyway?
We are to receive a settlement on a class action suit. The lawyers that handled the case receive 1/3 up front. Are taxes taken then or are we responsible for paying tax on the full amount? If you throw a bankruptsy and divorce into all of that will it all be divided equally. This in the state of North Carolina. Settlement is with EXXON. I understand if anyone filed against the bankruptsy that they are paid what is due them. I am trying to fiqure out if I need a lawyer so that more money goes to them or if this is something I can handle myself. Please advise me and please don't take offense if you are a lawyer answering this question.
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