Hello,

Once I get SSDI backpay when I get SSDI, is it subject to being an asset in
bankruptcy?

I can't declare now because I'm building medical bills, but when I do get
SSDI, they'll owe me 30,000. I owe much more.

Thanks in advance,
Levi

"Levi Patrick II" <levipatrick-no-sp-am@starband.net> wrote in message
news:6zsBc.638$J82.135@fe25.usenetserver.com... Hello, Once I get SSDI backpay when I get SSDI, is it subject to being an asset
in bankruptcy?

If you are owed money it is an asset.

But I was told SSDI is non-attachable and the lump sum is just monthly
payments I should have got?

"Thoth" <thoth@notlisted.net> wrote in message
news:3BsBc.53625$u%3.24620@fed1read04... "Levi Patrick II" <levipatrick-no-sp-am@starband.net> wrote in message news:6zsBc.638$J82.135@fe25.usenetserver.com... Hello, Once I get SSDI backpay when I get SSDI, is it subject to being an asset in bankruptcy? If you are owed money it is an asset.

On Sun, 20 Jun 2004 23:06:22 -0500, "Levi Patrick II"
<levipatrick-no-sp-am@starband.net> wrote:
But I was told SSDI is non-attachable and the lump sum is just monthlypayments I should have got?

Federal disability pensions ARE exempt; they are judgement proof and
cannot be garnisheed.

I would expect that lump-sums representing past monthly payments are
the same.

If you're waiting, though, you might expect a long wait. Don't know
when you filed for benefits, but it can take two years or longer for
aproval.
--
DSL!~
"Thoth" <thoth@notlisted.net> wrote in messagenews:3BsBc.53625$u%3.24620@fed1read04... "Levi Patrick II" <levipatrick-no-sp-am@starband.net> wrote in message news:6zsBc.638$J82.135@fe25.usenetserver.com... Hello, Once I get SSDI backpay when I get SSDI, is it subject to being an asset in bankruptcy? If you are owed money it is an asset.

"Levi Patrick II" <levipatrick-no-sp-am@starband.net> wrote in message
news:%9tBc.640$J82.460@fe25.usenetserver.com... But I was told SSDI is non-attachable and the lump sum is just monthly payments I should have got?

It may very well be exempted under the laws of your state, but it's still an
asset.

On Sun, 20 Jun 2004 22:21:32 -0700, "Thoth" <thoth@notlisted.net>
wrote:
"Levi Patrick II" <levipatrick-no-sp-am@starband.net> wrote in messagenews:%9tBc.640$J82.460@fe25.usenetserver.co m... But I was told SSDI is non-attachable and the lump sum is just monthly payments I should have got?It may very well be exempted under the laws of your state, but it's still anasset.

If you get a choice between using the federal plan or the state plan,
disability payments are exempt in the federal method; in those states
that do not allow the federal method, the state method exempts them,
too.

So what if it's an asset? There are many assets that are exempt.
--
DSL!~

On Sun, 20 Jun 2004 22:24:56 -0500, "Levi Patrick II"
<levipatrick-no-sp-am@starband.net> wrote:
Hello,Once I get SSDI backpay when I get SSDI, is it subject to being an asset inbankruptcy?I can't declare now because I'm building medical bills, but when I do getSSDI, they'll owe me 30,000. I owe much more.Thanks in advance,Levi

Check the exemptions for yourself........

http://www.bankruptcyinformation.com/IL_exemp.htm
--
DSL!~

"Dr. Strange,Love!~" <mybaconbutty@hotmail.com> wrote in message
news:h4scd0dc11i6nddi6lkf2lg0asuhfn8hpk@4ax.com... On Sun, 20 Jun 2004 22:21:32 -0700, "Thoth" <thoth@notlisted.net> wrote:"Levi Patrick II" <levipatrick-no-sp-am@starband.net> wrote in messagenews:%9tBc.640$J82.460@fe25.usenetserver.co m... But I was told SSDI is non-attachable and the lump sum is just monthly payments I should have got?It may very well be exempted under the laws of your state, but it's still
anasset. If you get a choice between using the federal plan or the state plan, disability payments are exempt in the federal method; in those states that do not allow the federal method, the state method exempts them, too. So what if it's an asset? There are many assets that are exempt.

I assume we are talking about filing a bankruptcy case. If so the OP will
testify that he has disclosed all of his assets under penalty of perjury.
The payments due should be listed as an asset, and exempted if possible
under the laws in the state in which the OP resides. I have not studied the
exemptions available in every state, so I am not in the position to offer an
opinion regarding whether they are exempt under the state law in which the
OP resides. OK?

On Sun, 20 Jun 2004 22:53:33 -0700, "Thoth" <thoth@notlisted.net>
wrote:
"Dr. Strange,Love!~" <mybaconbutty@hotmail.com> wrote in messagenews:h4scd0dc11i6nddi6lkf2lg0asuhfn8hpk@4ax .com... On Sun, 20 Jun 2004 22:21:32 -0700, "Thoth" <thoth@notlisted.net> wrote:"Levi Patrick II" <levipatrick-no-sp-am@starband.net> wrote in messagenews:%9tBc.640$J82.460@fe25.usenetserver.co m...> But I was told SSDI is non-attachable and the lump sum is just monthly> payments I should have got?>It may very well be exempted under the laws of your state, but it's stillanasset. If you get a choice between using the federal plan or the state plan, disability payments are exempt in the federal method; in those states that do not allow the federal method, the state method exempts them, too. So what if it's an asset? There are many assets that are exempt.I assume we are talking about filing a bankruptcy case. If so the OP willtestify that he has disclosed all of his assets under penalty of perjury.The payments due should be listed as an asset, and exempted if possibleunder the laws in the state in which the OP resides. I have not studied theexemptions available in every state, so I am not in the position to offer anopinion regarding whether they are exempt under the state law in which theOP resides. OK?

Of course! :)
--
DSL!~

Levi Patrick II <levipatrick-no-sp-am@starband.net> wrote: Hello, Once I get SSDI backpay when I get SSDI, is it subject to being an asset in bankruptcy? I can't declare now because I'm building medical bills, but when I do get SSDI, they'll owe me 30,000. I owe much more. Thanks in advance, Levi

Hi,

There is a distinction that can be made between
the right to receive a payment and what can
happen to the payment once it's received.

The distinction is clear if you think about the
difference between these two questions:

(1) Can a court order the person who owes me
money to pay my creditor instead of me?

and

(2) Can a court order me to pay this $30,000 I
just received even if the court could not order
the person who paid me to pay my creditor
instead?

I have never actually had a case involving the
precise issue you raise so I have never done
the research to answer the question.

One thing is for sure: if you file a bankruptcy
that has a $30,000.00 cash asset in it, the
trustee will try to get the asset if he can.

So, do be careful, please. Make sure that your
lawyer does the proper background research
before you file.

Kindest regards,

Tom

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