Devastating Medical Bills

Discussion in 'Bankruptcy' started by Susan Merryweather, Apr 19, 2010.

  1. My husband recently had open heart surgery from which we incurred
    significant medical debt. The total cost was a little over $160,000
    spread over 9 different institutions. We did not (still do not) have
    medical insurance nor can we afford it. We have just been granted
    disability (my husband had to retire early at 62 due to his
    condition), but insurance does not kick in for a few more months.


    We have worked all our lives and have excellent credit (for now); we
    need to decide how to proceed with this overwhelming obligation.

    I have been paying $20 a month to each institution which comes to
    $180/ month. We are on a very limited income and this is a very
    significant amount of money for us. The hospital was generous enough
    to write off 80% of the bills, but we are still in a position we
    cannot afford. They recently told me if I don’t increase payments to
    1000/month they will turn us into collections.


    Assets
    • IRA/Retirement ($28,000)
    • Income (social security)
    • Homes
    o We have two houses (one inherited) in need of significant repair.
    We are in the process of consolidating the situation, but don’t want
    to make a decision that could negatively influence our position. Both
    homes are valued at a total of $55,000 ($20,000 + $35,000).
    • Savings Accounts
    o $4,500
    • Other: We will receive one more check ($20,000) from an inheritance
    (trust) that will run out next year.


    Could someone PLEASE offer some advice and/or point me in the right
    direction so I better understand our options?

    Which assets can they take from us? Are we going to lose our homes?
    Can they garnish our IRA’s and/or trust?

    Any information or suggestions would be greatly appreciated.

    Thank you very much!!!

    Sincerely

    Susan
     
    Susan Merryweather, Apr 19, 2010
    #1
    1. Advertisements

  2. Susan Merryweather

    Naughtius Guest

    This is The Best Advice *I* can Offer... And I think it's Probably
    The Best Advice You can Get... Here or Anywhere Else *Other Than* The
    Law Office of an Attorney who *Specializes* in Just Your Sort of Legal
    Problem...

    Thus: BOTH you and your Husband should STOP Wracking Yourselves
    with WORRY... It's THE WORST THING You can do to Yourselves AND it
    WON'T Help In The Least...

    THEN: Stop Expending Effort looking fo *Meaningful* Aid in
    NewsGroups... Your Problem Are SERIOUS and You NEED To Pick Up Your
    Yellow Pages and look Thru the Headings titled something like
    "Attorneys: Specializing In Social Security Claims"... "Attorneys:
    Specializing In Bankruptcy".... and so forth... Also consider
    Contacting Your State Bar Association for help in Finding an Attorney
    who Specializes in "Social Security/Disability/Bankruptcy"...

    The Initial Consultation is almost certainly going to be FREE, AND
    The Fee of whatever Attorney You Choose *May Well* be Paid out of
    Federal Gov't Funds set aside for just that purpose...
    UNless You're in Colorado, *I* can only guess, with at best, a 1 in
    50 chance of being *Accurate*, let alone Correct, what "assets" could
    be "taken"...

    Fairly Poor Odds...
    Well... NOT Likely, On The Condition that You Get To a Lawyer
    _Quickly_...
    Going Out On a Limb on this one... NOT Likely *Anyone* can "Attach"
    any "Retirement" Income... "Trusts" I'm Less Sure of, but it's NOT a
    Sure & Certain Thing that "Trust Income" can be Attached As a Matter
    Ordinary Practice...
    Ok... Done as much as I can... GET To a LAwyer... Good Luck...
    Naughtius "Someday, We'll Have Single-Payer Coverage" Maximus
     
    Naughtius, Apr 19, 2010
    #2
    1. Advertisements

  3. Susan Merryweather

    Twayne Guest

    In
    "we"? Do you mean you are both disabled?
    That's pretty much a standard practice I've discovered. It's
    not meaningful yet, so try not to worry too much about it
    until it actually happens. The "process" ruined my credit too,
    but I don't know that I really care. I'm still, luckily, debt
    free and am not likely to be buying anything more expensive
    than maybe a used car during what's left of my life. I
    certainly won't be buying realestate or anything large.
    ....

    You REALLY should not be putting things that lean toward your
    net worth out in public! Not only does it give trollers and
    jealous people something to bitch at you about, but it
    increases the ease of which you could have your identity
    stolen. STOP DOING THAT! STOP!! NOW!!! You've placed enough
    information here that within a half hour I could have your
    street address, home phone, everything I'd need to steal your
    identity except your SS number and I could get those too for
    about $80 and within 2 days time, for both of you. Seriously,
    keep your personal information to yourself. And don't fool
    yourself by thinking you have nothing to steal; getting hold
    of your bank accounts for fraudulent wire charges wouldn't be
    hard to do either.
    If you are going to paticipate in newsgroups, you need to
    also remove your real e-mail address and replace it with
    something like , one set aside just for
    this purpose.
    Get to your church; talk to them.
    Go thru the Yellow Pages; look for things like "ombudsman" or
    social security assistance offices, which are usually all
    free.
    You apparently have mortgages, so get to your bank quickly
    and explain the situation to them. My own bank allowed a
    friend of mine in the same boat to take a break from car
    payments for 6 months, and came back after that with with
    payments of only 1/4 what they should have been. But I had to
    make up the money of course; that was made possible by using
    my Back Pay when I was awarded my disability. By the time of
    my award I was living on Savings and dug deeply into them.
    Since it sounds like you've been awarded disability now,
    you at least know what your budget looks like; try to do the
    best you can. It's quite a kick in the teeth, I know.
    Well, once you reach retirment age, everything but the amount
    of money you get changes and you go from SS disabled pay to
    straight SS pay. I don't think the money amount changes but
    not sure; I'm not there yet.

    You migth have to get rid of one home. That would be enough
    money to at least pay taxes & the mortgage for a few years if
    nothing else.
    Yes, they can garnish your accounts but I don't know which
    or when or under what circumstances. One valuable resource for
    me was our local SSA office: They had a list of all kinds of
    assistance that was available - you might see if yours can do
    the same. I found the people in the local office to all be
    good and caring people albeit a bit unprofessional at times
    and the morale seemed to be low there. But most of them did
    try hard to answer my questions and get an answer to the ones
    they didn't know.

    Since you said you're now declared disabled, I assume you
    meant by the SSA, then you almost certainly also have an SS
    lawyer? If not, which is entirely possible with obvious
    impairmants, then there are a lot of lawyers that specialize
    in SS cases and you usually can get a fantastic amount of
    helpful information from them by just asking the sort of
    questions you asked here. Just be certain you choose one who
    works with SSA disability claims, that's all. Any other type
    of lawyer is likely to charge you your first born and then
    some in my experience and observations. Personally I talked
    with 5 lawyers before I got started with my first hearing, and
    ended up with an excellent one. I hope you do too.

    And lastly, there is some excellent advice availalbe on this
    newsgroup, but I'm not too sure the kinds of questions you
    asked can really be answered to your satisfaction because they
    are things that change from state to state, peron to person,
    over time, and you don't have any idea whether a responder
    with good OR bad news knows that they're talking about. For
    those actually IN the process of getting a disabled status so
    they can take part in the gvt insurance the payments come
    from, this group is super. But you're past the process now and
    into things a lot more important than trying to keep your
    sanity while the SSA toys with you.

    Get busy on these things sooner than later, yesterday if
    possible! Don't wait, and don't be afraid to ask questions of
    those who control the answers and who might know other things,
    too. There's the horse's mouth, and the horse's xxxxx ...
    well, you know. You can't tell which is which a lot of the
    time.
    Do NOT be afraid to ask for help! There's help for heat in the
    winter (called HEAP here), there can be help in paying for
    your Part D prescription meds insurance, and of course you
    already have Parts A and B.
    There are many resources out there; the trick is in finding
    them.
    For instance, many stores around here give discounts to
    Senior Citizens, but I just found out you can get them if
    you're on disability, too. At least income taxes get a lot
    easier to do, so there's always something good to think about
    if you look for it<g>!
    Be as pro-active as you can be, and like I said, do not be
    afraid to ask questions of the relevant offices. Even your
    city councilman, state house & senate, Federal house & Senate
    might have information you could use. It doesn't hurt to ask;
    worst case they have nothing to offer, so you'll have lost
    nothing but a little of your time. Try to remember "Patience
    and perseverence" and never burn a bridge behind you. Leave
    all routes open, you never know.

    I wish you all the luck in the world, and hope things work out
    well for you.
    Oh, one final note: You use "we" so often I never did decide
    whether you are both disabled or if it's only your husband. My
    wife is my rock in my case but she's also taken on the chore
    of being head of household as well as having to care for me.
    It stinks, but we do what we have to do.

    HTH,

    Twayne`
     
    Twayne, Apr 19, 2010
    #3
  4. Susan Merryweather

    Twayne Guest

    In

    A bit on the tough-love side IMO, but a good post
    nevertheless. I second those suggestions and comments.

    HTH,

    Twayne`
     
    Twayne, Apr 19, 2010
    #4
  5. Hello ,
    In my neighborhood , there is a television ad touting a service called
    a "reverse mortgage" .
    Possibly availble in your neighborhood .
    My understanding is homeowner is recieving funds based on the equity
    of the home and paid in monthly installments .
    The actual process and legal issues you need to research and
    understand how that works .
    Having equity in a home is the best thing anybody can have and giving
    that up is not highly recommended unless absolutely neccesary .
    So think long and hard before you do something like that .
    Asking questions and understanding the answer is so important .
    Take your time and get it right what ever you do .
    Good luck folks .

    Peace on Earth , it's the only planet we have

    so many questions , so many doubts , so much to think about
    Just the Facts
     
    Just the Facts, Apr 20, 2010
    #5
  6. Susan Merryweather

    bo peep Guest

    The laws in situations like this vary somewhat from state to state,
    and you have not said what state you are in. The previously provided
    advice to obtain a specialized local lawyer is the most important
    thing to do as soon as possible.

    Additionally, you might have a local medical billing advocate review
    your bills - most medical bills as large as yours contain considerable
    amounts of bogus charges. An advocate might be able to get those bills
    reduced.
     
    bo peep, Apr 20, 2010
    #6
  7. Susan Merryweather

    Keith Guest

    Susan Merryweather wrote in

    Hi Susan,
    Please consult a bankruptcy attorney to see what your options are. There are
    different forms of bankruptcy. It is not unusual for people with health
    insurance to also have to file bankruptcy because of co-pays and deductables.

    Good Luck.
     
    Keith, Apr 20, 2010
    #7
  8. Susan Merryweather

    kuacou Guest

    Social Security is exempt from garnishment or seizure except for
    federal taxes. IRAs and qualified pensions are exempt in bankruptcy
    and exempt from seizure by creditors. NEVER liquidate or borrow from
    your IRA.

    Depending on your state you may have homestead rights in your
    residence.

    A local bankruptcy lawyer can help you with pre-bankruptcy planning
    and/or asset protection. Don't wait until it is too late. But try to
    get a referral to a lawyer from friends and acquaintances: lawyers are
    businesspeople and their first priority is their own welfare, not
    yours, unfortunately.

    You may find some hints online, but be careful: there are vultures and
    sharks out there, and much misinformation. However the bankruptcy
    exemptions for each state are online: http://www.thebankruptcysite.org/bankruptcy-exemptions/
    Your public library will also have guidance as will your county law
    library although perhaps you will find the law library treatises too
    technical.

    Above all you should not allow yourself to be bullied. And once you
    have a lawyer creditors can no longer contact you directly.
     
    kuacou, Apr 20, 2010
    #8
  9. Someone recommended a reverse mortgage.

    Do NOT do it unless you want to give the house up after you
    die.

    The amount you receive will be very small and it can be
    taken to be used to pay your medical bills (i.e., it will
    not help to pay your monthly bills).

    $160 x 20% = $32k (balance you owed--correct?). Selling the
    second house will pay off much/most of the debt, so do that
    (or give house to hospital and let them deal with selling it
    is an option--ask them).

    If husband gets a backpay settlement from Social Security,
    that should about cover all the medical costs. Then you can
    move forward relatively debt-free.
     
    Gerald Abrahamson, Apr 20, 2010
    #9
  10. Thank you all for your helpful advice! I have am learning a lot and
    have a better understanding of how to proceed.

    A couple more questions:
    Does it matter which state you live in or which state the hospital is
    in? We are residents of Illinois, but were treated in multiple
    states.
    Also, does anyway know if a spouse is liable for the other spouse’s
    medical bills? I was wondering if an IRA and savings account in my
    name would be protected.
    The value of the houses was actually an overestimate. We can’t afford
    to keep them both and were in the process of selling one to fix the
    other when all this happened. We are now worried that it might look
    bad to sell it. This puts us in a real bind because we will have to
    continue to pay the maintenance on both which is quickly draining us.
    Also, I don’t think taking a mortgage out on our home to cover the
    medical (unsecured) debt is a wise decision. It is already extremely
    difficult to live on our limited income. Our primary goal is to
    preserve our assets so we can continue to pay our bills throughout
    retirement.

    Thanks again!!!
     
    Susan Merryweather, Apr 22, 2010
    #10
  11. Susan Merryweather

    Cheryl Guest

    Thank you all for your helpful advice! I have am learning a lot and
    have a better understanding of how to proceed.

    A couple more questions:
    Does it matter which state you live in or which state the hospital is
    in? We are residents of Illinois, but were treated in multiple
    states.
    Also, does anyway know if a spouse is liable for the other spouse’s
    medical bills? I was wondering if an IRA and savings account in my
    name would be protected.
    The value of the houses was actually an overestimate. We can’t afford
    to keep them both and were in the process of selling one to fix the
    other when all this happened. We are now worried that it might look
    bad to sell it. This puts us in a real bind because we will have to
    continue to pay the maintenance on both which is quickly draining us.
    Also, I don’t think taking a mortgage out on our home to cover the
    medical (unsecured) debt is a wise decision. It is already extremely
    difficult to live on our limited income. Our primary goal is to
    preserve our assets so we can continue to pay our bills throughout
    retirement.

    Thanks again!!!

    *********************************
    I once worked for an attorney who, among several other things, handled
    collection work. I didn't respond before now because other people were
    giving you solid advice, but again... all of the above is best checked
    through an attorney.

    The state of residence matters. The state where the bills originate from may
    matter. Whether you're protected or not could be in question (especially if
    you signed any of your husband's medical paperwork). Homes may have a lien
    placed on them if your husband's name is on them or you attempt to transfer
    them solely into your name to avoid attachment. The same applies with any
    funds a creditor can prove you attempted to hide... at least in my state; I
    know my former boss managed to sue a wife for a husband's debt on this
    principle once and won.

    An attorney may be able to guide you in several different directions. Some
    states also have places like Consumer Credit Counseling available. Other
    states have what's called municipal trusteeship, which can easily be filed
    by yourself. Unfortunately, both of these methods require all of your
    creditors agree on a percentage of income payment plan... at least in our
    state. You might also be able to find some legal assistance through places
    like Elderly United (or other elderly advocacy agencies). The answer doesn't
    _always_ rely on bankruptcy, and bankruptcy doesn't _always_ require total
    debt write off or loss of all assets; you might be eligible for a debt
    restructuring bankruptcy, the type businesses typically use to remain in
    business, but, if the laws are still the same as they were many years ago,
    there is also the same sort of thing available for individuals.

    If you want to ask something more specific and are willing to accept the
    fact that I'm _NOT_ a lawyer, feel free to email me. I don't check that
    account daily, but I try to check it every couple of weeks or... whenever
    someone on the group posts that they've emailed me.
     
    Cheryl, Apr 22, 2010
    #11
  12. Susan Merryweather

    earthpots Guest

    Others already stated what I would have, regarding what is
    collectable/garnishable. The one thing I did not see mentioned, was checking
    with your Social Services Dept or Medicaid office to see if your state has a
    Catastrophic Medicaid program, and whether you might qualify for it.
    Maryland has such a program. and there is a deductable that has to be met.
    Other states have similar Medicaid programs that require a spend down of
    income and assets to under a certain amount, if you meet the qualifications
    for Medicaid otherwise. You need to contact Medicaid in your state to see if
    you qualify for assistance.


    --
    Carol
    Contessa of Consternation
    Known to leave foes discombobulated
    Scroll down for email contact information.
    Autistic Spectrum Code v.1.0
    AS? d- s--:+ a+ c+ p+ t-- f S+ p@- e+ h- r- n+(-) i+ P m-() M
    http://www32.brinkster.com/ascdecode/

    "I have run rings around you logically". Monty Python


    Email at , removing the 'nospam' and replacing
    with 'msn'. DO NOT use the reply function to email me, that goes to a
    junk/spam throwaway account that I never check. If you send email to me
    there, I most likely won't see it.
     
    earthpots, Apr 22, 2010
    #12
  13. The answers to these questions depends on state law. Illinois is not a
    community property state so your separate assets are protected from claims
    against your spouse. However, you could have changed that by signing
    something promising to pay those bills. I think you should sell that house
    if you can, you are right in wanting to limit your expenditures. In
    Bankruptcy your house would be protected since it is of low value. Did you
    know that the majority of personal Bankruptcies are caused by medical bills?
    So you have a lot of company in your situation.

    Susan Merryweather wrote:
    |
    | Thank you all for your helpful advice! I have am learning a lot and
    | have a better understanding of how to proceed.
    |
    | A couple more questions:
    | Does it matter which state you live in or which state the hospital is
    | in? We are residents of Illinois, but were treated in multiple
    | states.
    | Also, does anyway know if a spouse is liable for the other spouse’s
    | medical bills? I was wondering if an IRA and savings account in my
    | name would be protected.
    | The value of the houses was actually an overestimate. We can’t afford
    | to keep them both and were in the process of selling one to fix the
    | other when all this happened. We are now worried that it might look
    | bad to sell it. This puts us in a real bind because we will have to
    | continue to pay the maintenance on both which is quickly draining us.
    | Also, I don’t think taking a mortgage out on our home to cover the
    | medical (unsecured) debt is a wise decision. It is already extremely
    | difficult to live on our limited income. Our primary goal is to
    | preserve our assets so we can continue to pay our bills throughout
    | retirement.
    |
    | Thanks again!!!
     
    Joan F \(MI\), Apr 22, 2010
    #13
  14. Susan Merryweather

    deadrat Guest

    Here is an excellent example of why you should stop reading this
    newsgroup and run, don't walk, to a lawyer who specializes in bankruptcy.

    Whether Illinois is a "community property" state or not has nothing to
    do with ownership of property. Marital (or community) property is
    property deemed to have been acquired during and as a result of the
    so-called marital enterprise. A court will split such property
    equitably (usually that means equally) when the two parties divorce and
    regardless of whose name is on the title or account.

    Each spouse may own property outright in his or her own name. It may
    become community property when the spouses divorce, but that doesn't
    concern creditors. They'll go after 100% of the property owned
    individually and 50% of the property held in joint tenancy and N% of the
    property held as tenants in common, where N equals the share the debtor
    owns.

    In Illinois, real property may be held as tenants of the entirety, a
    legal fiction granting two parties 100% ownership of one piece of
    property. Creditors cannot take any portion of such property when only
    one party is the debtor. Note the word "real."

    Switching ownership around in anticipation of not paying creditors is
    probably a bad idea. So bad that the law has a name for it --
    fraudulent conveyance, and creditors can ask a judge to void the
    transfer.

    This is a dance of complicated steps. An expert is required for advice
    specific to the situation. As I'm fond of pointing out, those who know
    won't give such advice, and those who will, don't know. The latter
    admonition is obvious as ignoramuses are rarely shy about sharing what
    they think they know. If you don't understand the former part, then
    that's another reason to stop trying to get help in this newsgroup.

    *** I am not a lawyer, so this can't be legal advice ***
     
    deadrat, Apr 23, 2010
    #14
  15. Susan Merryweather

    BigRedTruck Guest

    Here, in Orlando, Florida, we have the #1 rated heart center, Florida
    Hospital, Ginsburg Tower, where I had open heart surgery for triple
    bypass, Jan. 29, 2010.

    I am a USAF retired Viet Nam veteran, so, the $157,000 plus $3,000 of
    other bogus charges were cut down to less than $20,000 that Tri Care
    Standard paid. My copay was a total of about $600 to the 6 accessory
    providers of X rays, transport, anesthesia, lab testing, cardio group
    doctors, etc..

    On a fixed retirement income it will take me about 6 months to pay off...

    My major point here is that I received the very best care in the world,
    but, there are 8 stories in the Ginsburg Tower totally devoted to Heart
    Care, with over 50 beds per floor, all totally full 24/7/365, so there
    are a ton of folks in our boat!

    Plus, there are other hospitals here doing similar 3work, in great
    numbers. So, if there are 100 major cities with about 600 heart care
    patients each week, you can do the math about the bankruptcy rates in
    this time of depression, where the reported un-employment is over
    12.3 %, with the addition of the folks who have dropped off the end of
    benefits making the real numbers somewhere upwards of 25% (which is
    actually the reported un-employment for Hispanics, that group who has
    learned Spanish, or Mexican, or Columbian, or Brazillian, OR, who have
    names that sound "Hispanic"!)

    I am going to change my name to "Big Red El-Trucko" and learn five words
    of Spanish to see if I qualify for some kind of hand-out, or outreach
    money, or, food stamps!

    I hear that Social Security denies Heart Surgery as a "disability"!
    Put my job loss in under that anyway, and we'll see in six months...

    I saw a news report last week that 92% of ALL Bankruptcies are due to
    MEDICAL BILLS! I could do that, but, the fees and Court Costs are about
    $600. No benefit accrues for me in my case. I only have my two
    mortgages. My 1993 big red $900 truck is paid off. No car payments.

    But, our decision to NOT get legally married, only spiritually married,
    spared my lovely wife a whole lot of financial grief and legal hassles!

    Many folks over 50 do NOT get a government license to live together, for
    just the reasons of financial encumbrances, taxation that is much higher
    on married couples, and other major disadvantages! There are Rights of
    Survivorship, that can be done if you consult an attorney...

    IANAL, I Am Not A Lawyer, so, YMMV, Your Mileage Might Vary!

    Gracias muchachos e Muchachas,
    Big Red El-Trucko
     
    BigRedTruck, Apr 23, 2010
    #15
  16. And it is quite wrong.

    deadrat wrote:
    | *** I am not a lawyer, so this can't be legal advice ***
     
    Joan F \(MI\), Apr 23, 2010
    #16
  17. Susan Merryweather

    bo peep Guest

    Illinois Bankruptcy Exemptions

    This list of exemptions updated December 2009. All law references are
    to Illinois Compiled Statutes Annotated unless otherwise noted.
    Federal bankruptcy exemptions are not available in Illinois.

    Homestead

    735-5/12-901 - Real or personal property, including farms, lots,
    builidings, condos, co-ops or mobile homes up to $15,000. Spouse or
    child of deceased owner can claim homestead (735-5/12-902). Sale
    proceeds up to 1 year (735-5/12-906). With some limitations, Illinois
    recognizes tenancy by the entirety (750-65/22).

    Personal Property

    110-979/45(g) - Prepaid tuition trust funds.

    235-5/6-1 - Pre-need cemetery sales funds, care funds, and trust
    funds.

    735-5/12-1001 - Motor vehicle up to $2,400; clothing needed; health
    aids; school books; family pictures; bible; personal injury recoveries
    up to $15,000; wrongful death recoveries; proceeds from sale of exempt
    property; Illinois College Savings Pool accounts that were invested
    more than 1 year before filing if below federal gift tax limit, or 2
    years before filing if above the federal gift tax limit; any other
    personal property up to $4,000 (not including wages).

    Wages

    740-170/4 - Either a minimum 85% of earned but unpaid wages or 45
    timest the higher of the state and federal minimum hourly wage,
    whichever is greater. Judge may approve more for low income debtor.

    Pensions

    11 U.S.C. § 522 - Tax exempt retirement accounts. Traditional IRAs and
    Roth IRAs up to $1,095,000 per person.

    40-5/2-154 - General assembly members.

    40-5/3-144.1 & 40-5/5-218 - Police officers.

    40-5/4-135 & 40-5/6-213 - Firefighters.

    40-5/7-217 & 40-5/8-244 - Municipal employees.

    40-5/9-228 - County employees.

    40-5/11-223 - Civil service employees.

    40-5/12-190 - Park employees.

    40-5/13-805 - Sanitation district employees.

    40-5/14-147 - State employees.

    50-5/15-185 - State university employees.

    50-5/16-190 & 40-5/17-151 Teachers.

    40-5/18-161 - Judges.

    40-5/19-117 - House of correction employees.

    40-5/19-218 - Public library employees.

    40-5/22-230 - Disabled firefighters, and widows and children of
    firefighters.

    735-5/12-1006 - ERISA-qualified benefits and IRAs. As well as public
    employees.

    Public Benefits

    305-5/11-3 - Aid to blind, aged, and disabled; public assistance.

    735-5/12-1001 - Veterans' benefits; Social Security; unemployment
    compensation; crime victims' compensation; restitution payments for
    World War II relocation of Japanese Americans and Aleuts.

    820-305-21 - Workers' compensation.

    820-310/21 - Workers' occupational disease compensation.

    Tools of Trade

    735-5/12-1001 - Tools, books, and implements of trade up to $1,500.

    Alimony and Child Support

    735-5/12-1001 - Alimony and child support needed for support.

    Insurance

    215-5/238 - Life insurance, annuity, or cash value if beneficiary is
    spouse, child, parent, or other dependent of the beneficiary.

    215-5/299.1a - Fraternal benefit society benefits.

    735-5/12-907 - Homeowners' insurance proceeds for destroyed home, up
    to $15,000.

    735-5/12-1001 - Health and disability benefits; life insurance
    proceeds needed for support if beneficiary is spouse or child.

    Misc

    805-205/25 - Business partnership property.

    Other - Add any applicable Federal Nonbankruptcy Exemptions
     
    bo peep, Apr 23, 2010
    #17
  18. Susan Merryweather

    Jay-T Guest

    The easiest way to figure out what your options are would be to meet with
    one or more experienced bankruptcy attorneys for a free initial
    consultation. Most bankruptcy attorneys provide free intital consultations,
    so it won't cost you anything.

    It may turn out that selling one property and doing some other completely
    legal things to arrange your affairs to better protect you now and in the
    future will help a lot. Whether you will need to actually file bankruptcy
    is a separate question. It may be that you won't need to file or it may
    turn out that you will need to file later on -- even a year from now --
    after you have done other things to protect your interests.

    Good luck.
     
    Jay-T, Apr 27, 2010
    #18
    1. Advertisements

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments (here). After that, you can post your question and our members will help you out.