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  • Soc Security and BK

    Have been disabled on and off for 3 years. I had to leave my job in Jan last
    year due to it. Filed for Soc Sec in July. Ran out of money months ago, all
    credit cards past due & 2 charging off this month. My wife filed for BK 2
    years ago before we were married. All debts of mine were from before
    marriage. Decided to see a BK lawyer Monday 3-6. All looked OK for Chap 7 &
    don't have much of a choice so was going to do it. Yesterday looked at
    checking acct... Soc Sec came through on disability, 20K put in bank acct.
    Yay? Good because living below poverty level for months and can now support
    self for a while. Bad because screws up BK? I have about 50K in credit card
    and medical bills. Mortgage has been kept current through all of this.
    Disabled with (up until now) no income, wife has been supporting us as best
    she could. Is Soc Sec money out of reach of creditors? Seems stupid to do BK
    with money in bank. Need home repairs & other things neglected for the last
    year. Have asked lawyer about this and he seems not exactly sure what to do.
    Thought once Soc Sec went through things would be better, now feeling even
    more confused and worried than ever. Have had depression and anxiety for
    years, anxiety level is now really high. Money definitely does not bring
    happiness. My credit is already shot (was perfect before this), BK certainly
    cannot hurt it anymore than already is. Anyone have any
    input/ideas/comments? Would appreciate any help very much.



  • #2
    Soc Security and BK

    "nope" <[email protected]> wrote in message
    news:[email protected] m...
    Have been disabled on and off for 3 years. I had to leave my job in Jan last year due to it. Filed for Soc Sec in July. Ran out of money months ago, all credit cards past due & 2 charging off this month. My wife filed for BK 2 years ago before we were married. All debts of mine were from before marriage. Decided to see a BK lawyer Monday 3-6. All looked OK for Chap 7 & don't have much of a choice so was going to do it. Yesterday looked at checking acct... Soc Sec came through on disability, 20K put in bank acct. Yay? Good because living below poverty level for months and can now support self for a while. Bad because screws up BK? I have about 50K in credit card and medical bills. Mortgage has been kept current through all of this. Disabled with (up until now) no income, wife has been supporting us as best she could. Is Soc Sec money out of reach of creditors? Seems stupid to do BK with money in bank. Need home repairs & other things neglected for the last year. Have asked lawyer about this and he seems not exactly sure what to do. Thought once Soc Sec went through things would be better, now feeling even more confused and worried than ever. Have had depression and anxiety for years, anxiety level is now really high. Money definitely does not bring happiness. My credit is already shot (was perfect before this), BK certainly cannot hurt it anymore than already is. Anyone have any input/ideas/comments? Would appreciate any help very much.
    I would seek new legal counsel. The new law has been in effect for five
    months, and your issues are not complicated. He's probably a fine attorney,
    but there have been relatively few chapter 7 cases filed since October, and
    he may have not had enough time to become familiar with the new rules. I'm
    learning new stuff, daily. And bankruptcy is my only practice area.

    With the money you've just received you can hire the best bankruptcy
    attorney in town to do your case.


    Comment


    • #3
      Soc Security and BK

      The creditors can not touch your SSI. I also would keep my mouth shut
      about getting a $30,000 settlement. And I would take that out of the
      bank because someone might try and attach it before the BK is final.

      On Wed, 8 Mar 2006 21:18:59 -0700, "nope" <[email protected]> wrote:
      Have been disabled on and off for 3 years. I had to leave my job in Jan lastyear due to it. Filed for Soc Sec in July. Ran out of money months ago, allcredit cards past due & 2 charging off this month. My wife filed for BK 2years ago before we were married. All debts of mine were from beforemarriage. Decided to see a BK lawyer Monday 3-6. All looked OK for Chap 7 &don't have much of a choice so was going to do it. Yesterday looked atchecking acct... Soc Sec came through on disability, 20K put in bank acct.Yay? Good because living below poverty level for months and can now supportself for a while. Bad because screws up BK? I have about 50K in credit cardand medical bills. Mortgage has been kept current through all of this.Disabled with (up until now) no income, wife has been supporting us as bestshe could. Is Soc Sec money out of reach of creditors? Seems stupid to do BKwith money in bank. Need home repairs & other things neglected for the lastyear. Have asked lawyer about this and he seems not exactly sure what to do.Thought once Soc Sec went through things would be better, now feeling evenmore confused and worried than ever. Have had depression and anxiety foryears, anxiety level is now really high. Money definitely does not bringhappiness. My credit is already shot (was perfect before this), BK certainlycannot hurt it anymore than already is. Anyone have anyinput/ideas/comments? Would appreciate any help very much.

      Comment


      • #4
        Soc Security and BK

        If you are 'in trouble', it's not a bad idea to have a separate bank account
        strictly for your SSI, SSDI, and any pension payment income to be deposited
        into. That way, you can show that account as strictly holding your exempt
        monies. If you deposit other earnings into it, the funds get mixed and
        you'd need some pretty tight accounting records to demonstrate what they can
        have vs. what they can't. You can easily set up recurring drafts for normal
        monthly bills out of this also

        Use a second account to move money into for miscellaneous bill payments,
        other deposits, etc.

        "nope" <[email protected]> wrote in message
        news:[email protected] m...
        Have been disabled on and off for 3 years. I had to leave my job in Jan last year due to it. Filed for Soc Sec in July. Ran out of money months ago, all credit cards past due & 2 charging off this month. My wife filed for BK 2 years ago before we were married. All debts of mine were from before marriage. Decided to see a BK lawyer Monday 3-6. All looked OK for Chap 7 & don't have much of a choice so was going to do it. Yesterday looked at checking acct... Soc Sec came through on disability, 20K put in bank acct. Yay? Good because living below poverty level for months and can now support self for a while. Bad because screws up BK? I have about 50K in credit card and medical bills. Mortgage has been kept current through all of this. Disabled with (up until now) no income, wife has been supporting us as best she could. Is Soc Sec money out of reach of creditors? Seems stupid to do BK with money in bank. Need home repairs & other things neglected for the last year. Have asked lawyer about this and he seems not exactly sure what to do. Thought once Soc Sec went through things would be better, now feeling even more confused and worried than ever. Have had depression and anxiety for years, anxiety level is now really high. Money definitely does not bring happiness. My credit is already shot (was perfect before this), BK certainly cannot hurt it anymore than already is. Anyone have any input/ideas/comments? Would appreciate any help very much.

        Comment


        • #5
          Soc Security and BK

          Once they do a search any accounts in your name will come up and they will
          place a judgment on it. You would have to place it in another persons name
          and then this would work.



          "Gary" <[email protected]> wrote in message
          news:[email protected] ..
          If you are 'in trouble', it's not a bad idea to have a separate bank account strictly for your SSI, SSDI, and any pension payment income to be deposited into. That way, you can show that account as strictly holding your exempt monies. If you deposit other earnings into it, the funds get mixed and you'd need some pretty tight accounting records to demonstrate what they can have vs. what they can't. You can easily set up recurring drafts for normal monthly bills out of this also Use a second account to move money into for miscellaneous bill payments, other deposits, etc. "nope" <[email protected]> wrote in message news:[email protected] m...
          Have been disabled on and off for 3 years. I had to leave my job in Jan last year due to it. Filed for Soc Sec in July. Ran out of money months ago, all credit cards past due & 2 charging off this month. My wife filed for BK 2 years ago before we were married. All debts of mine were from before marriage. Decided to see a BK lawyer Monday 3-6. All looked OK for Chap 7 & don't have much of a choice so was going to do it. Yesterday looked at checking acct... Soc Sec came through on disability, 20K put in bank acct. Yay? Good because living below poverty level for months and can now support self for a while. Bad because screws up BK? I have about 50K in credit card and medical bills. Mortgage has been kept current through all of this. Disabled with (up until now) no income, wife has been supporting us as best she could. Is Soc Sec money out of reach of creditors? Seems stupid to do BK with money in bank. Need home repairs & other things neglected for the last year. Have asked lawyer about this and he seems not exactly sure what to do. Thought once Soc Sec went through things would be better, now feeling even more confused and worried than ever. Have had depression and anxiety for years, anxiety level is now really high. Money definitely does not bring happiness. My credit is already shot (was perfect before this), BK certainly cannot hurt it anymore than already is. Anyone have any input/ideas/comments? Would appreciate any help very much.

          Comment

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