In a landmark decision earlier this year, a Tampa jury granted a substantial award of $680,656 to an injured minor after a four-day jury trial. The verdict was handed down against Summit Adventure Park Spring Hill, a now-defunct trampoline park, marking a significant victory for the plaintiff. Of the total award, over $500,000 was allocated for pain and suffering damages.
With a Chapter 7 bankruptcy in Florida, it is possible to protect some or all of a settlement or award depending on what other assets a debtor has.
Are personal injury settlements taxable? The federal government (IRS) or state cannot tax you on settlement or verdict proceeds in most personal injury claims.