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I have to go to a pre trial mediation about a debt i defaulted on because I became disabled and now collect SS dis. I recently won a small injury award which I deposited in my bank acct. I need that money for much needed dental work, how can I protect it, I know they can't touch my disability, but what can I do with the other?

2006-10-29 05:04:09 · 5 answers · asked by deejayspop 6 in Business & Finance Credit

5 answers

Like everyone else is saying, spend it now. I've never been through this before but I think you have to give them your account information and most recent bank statement so if you withdraw it in a lump sum they'll know. How old are you? If you have adult children write checks to them and have them give you the money that way it won't show as one big cash withdrawl. Then when you go to mediation pay attention, if you're not required to inform them of newly opened accounts, I'd go open another one at a different bank and put my money in there. If you are required to report new accounts keep that money in a fire safe box. Tell no one where it is.

2006-10-29 15:22:39 · answer #1 · answered by NETTA M 3 · 0 0

Get that money out of the bank like now. If you feel unsafe about holding cash at your house then buy money orders or travelers checks and make them out to yourself then put them in a fire-safe box in your house. They are good for like 3 years (check on that before you buy them).

2006-10-29 10:18:19 · answer #2 · answered by bluzmelody 2 · 0 0

Just know that if you withdraw the money and don't declare at as a cash asset, you're comitting a crime. Spend it on the dental work now if you can. They're not repossessing teeth yet.

2006-10-29 06:38:42 · answer #3 · answered by Nomadd 7 · 0 0

Honestly? Withdraw it and spend it on the work now. Otherwise it will show as an asset to be considered as part of the settlement.

2006-10-29 05:20:48 · answer #4 · answered by Gremlin 2 · 1 0

You can't protect your bank account but you can just hold onto your money and not deposit it.

2006-10-29 05:30:07 · answer #5 · answered by nquizzitiv 5 · 0 0

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