briarpatch

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About briarpatch

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    Las Vegas Nevada
  1. I spoke with lawyer at the local Legal Aid Society. Life insurance proceeds are "protected" from taxation and from creditors, period. This remains true if I move the funds around. If a creditor goes after these funds, I will need to file a "claim of exemption," and present proof in court the funds are life insurance. A hassle, but I look at it as work that will pay well, so this info is a relief. The Nevada statute of limitations on credit card debt is four years. This leaves $30,000 that has not expired. https://www.lendingtree.com/debt-relief/nevada/#DebtinNevadaAtaglance I drive a 1990 Camry with 230,000 miles on it. I will be able to buy a newer car when this one dies. When my best friend/ex-husband made me the beneficiary of his employee life insurance (he took his own life), no doubt he was thinking of me somehow getting by without his occasional, much needed help with my car, etc. I know that he would not want me to use any of these funds to pay off debts. Thanks.
  2. Thanks for the replies. As noted in my clarification above, I have more defaulted credit card debt than the life insurance payout, by far. I had said my debts totaled over $40,000, but with a defaulted dental loan, it is actually over $50,000 10,000 US Bank 20,000 US Bank 10,000 Chase 12,000 Dental loan So settling the debts will wipe out most or all of the payout, as all of them have been purchased by collection agencies.
  3. I signed up for the free 7-day trial at Rocket Lawyer. We'll see what they say. I'll report back ☺️
  4. Hi, the payout was $37,000. Over the last several years, I lived on, then defaulted on over $40,000 in credit card debt. My only income is $1005.00 per month in Social Security Disability. The only reason I am not homeless is I qualified for state subsidized housing.
  5. Hi, another question... My Metlife life insurance payout was automatically added to a Metlife "Total Access Account" with an interest rate of .9% and no FDIC insurance. I would like to move this to a higher rate account that is FDIC insured. I know that life insurance payouts are not taxable, and cannot be accessed by creditors (as we discussed partially here). NOTE: I live in the State of Nevada. Having received the life insurance payout, if I now move the funds to an FDIC insured savings or money market account, will this then expose the money to judgements by creditors? I know that as long as I have my Social Security Disability checks deposited directly into my checking account and don't move these funds into another account before spending them, they are not accessible to creditors. If I move these funds, they lose their judgement proof status. Thanks.
  6. Hi, another question... My Metlife life insurance payout was automatically added to a Metlife "Total Access Account" with an interest rate of .9% and no FDIC insurance. I would like to move this to a higher rate account that is FDIC insured. I know that life insurance payouts are not taxable, and cannot be accessed by creditors (as we discussed partially above). Having received the life insurance payout once, if I now move the funds to an FDIC insured savings or money market account, will this then expose the money to judgements by creditors? I know that as long as I have my Social Security Disability checks deposited directly into my checking account and don't move these funds into another account before spending them, they are not accessible to creditors. If I move these funds, they lose their judgement proof status. Thanks.
  7. Thanks for the excellent reply. Will my life insurance payout also be a public record that might have an automatic notification?
  8. Hi I'm new. I have a credit card debt for $10,000 which has been purchased a few times, the latest by a lawyer's company. I haven't worried about it because I am on disability and judgement proof, and expected to stay that way. The lawyer is sending letters to myself and my ex-husband. I haven't worried about this, as I think(?) it is unlikely a judge would give a judgement against him when it was entirely my own debt, incurred after our divorce. We have been divorced for some time. The entire balance was charged to the card by me as one purchase: my own dental work, after our divorce. I added my ex-husband to this credit card when we were married. The bank said the only way to remove him was to close the credit card account (I did not). The credit card statement I receive has both of our names in the address/salutation. Now my ex-husband has died. His life insurance comes to me in a substantial amount. His IRA beneficiary is his father. His home is going through probate to his father as next-of-kin. Will this lawyer be able to find out that he has died? How long might that take? Is it as easy as a few key strokes on the computer? Will they be able to find this money (mine, his father's and his probate estate)? Also, can they find a safety deposit box if I don't have an account at that financial institution? Thanks much.