Exempt Funds ????

[rd1210]

I need a little help with a problem regarding Exempt Funds .

I stopped paying 4 credit cards American. express. Chase, TD and Juniper about $50.000 in total and 90 days late on all of them. It was either pay the mortgage or pay the cards.

I was hurt at work 2 and half years ago. I am on workers compensation and I am receiving a New York city disability pension. I am waiting for Social security disability to start. Now I know that all the income that I am receiving is Exempt from collections under The " Exempt Income Protection Act " and my bank account is set up for only the disability pension and workers comp.

This is my question I was just told that I will start receiving Social security disability in May and I will be getting about $50.000 in back Social security payments from when I got hurt in 2008 and I am now as of today settling my workers comp case $90.000 which I should get by July or Aug. 2011. Now the workers comp settlement is paid as five and half years of future payments in a lump sum.

Now I am going to settle with the four credit card company's. My Question is this, while I am negotiating with them one at a time, if they freeze or restrain my bank account is the Social Security Disability Settlement back payments and the Workers Compensation Settlement still considered Exempt Income and still protected under the Exempt Income Protection Act? I will have award letters from both Social Security Disability and Workers Compensation.

Please if anyone has an answer let me know.

Thanks Rd,

[Prosay]

I need a little help with a problem regarding Exempt Funds .

I stopped paying 4 credit cards American. express. Chase, TD and Juniper about $50.000 in total and 90 days late on all of them. It was either pay the mortgage or pay the cards.

I was hurt at work 2 and half years ago. I am on workers compensation and I am receiving a New York city disability pension. I am waiting for Social security disability to start. Now I know that all the income that I am receiving is Exempt from collections under The " Exempt Income Protection Act " and my bank account is set up for only the disability pension and workers comp.

This is my question I was just told that I will start receiving Social security disability in May and I will be getting about $50.000 in back Social security payments from when I got hurt in 2008 and I am now as of today settling my workers comp case $90.000 which I should get by July or Aug. 2011. Now the workers comp settlement is paid as five and half years of future payments in a lump sum.

Now I am going to settle with the four credit card company's. My Question is this, while I am negotiating with them one at a time, if they freeze or restrain my bank account is the Social Security Disability Settlement back payments and the Workers Compensation Settlement still considered Exempt Income and still protected under the Exempt Income Protection Act? I will have award letters from both Social Security Disability and Workers Compensation.

Please if anyone has an answer let me know.

Thanks Rd,

IT IS MY UNDERSTANDING THAT ALL OF THE INCOME YOU HAVE LISTED IS 100% EXEMPT.

JUST REMEMBER THAT NO ONE CAN FREEZE YOUR BANK ACCOUNT OR ATTACH THIS INCOME UNLESS SO ALLOWED BY THE COURT, AND ONLY THEN IF A SUCCESSFUL JUDGMENT IS AWARDED., AND OF COURSE THE COURT WILL NOT ALLOW ATTACHMENT OF YOUR INCOME.

YOU SHOULD IMMEDIATELY NOTIFY YOUR BANK AND YOUR CREDITORS,THAT YOUR ACCOUNT( AND INCOME) IS EXEMPT FROM ATTACHMENT, SINCE YOUR ACCOUNT CONTAINS ONLY THE INCOME SO MENTIONED.

CHECK YOUR STATE'S BANKRUPTCY CODE FOR VERIFICATION.