Legal Question in Credit and Debt Law in New Jersey
sudden money, how can i protect it from creditors?
i'm on disability, and i receive both medicare and medicaid. i live in a public housing facility. i have accumulated thousands of dollars in debt. recently due to an accident i was awarded a settlement of 128.000 dollars. what can i do to protect this money from debt collectors? and is a trust a viable option. could i be the trustee as well as the benificiary?
1 Answer from Attorneys
Re: sudden money, how can i protect it from creditors?
I have read your question, and understand what you wish to accomplish. It is completely impossible for any attorney to advise you as to any particular course of action unless the attorney meets with you, understands all of the facts, and then carefully and ethically does what can be done to protect your money. There are pretty strict limits on what attorneys can do, and there are pretty complicated limits on what will work in this situation.
You putting in into a trust for your own benefit will not work.
On the other hand, you do NOT have to simply hand over all of the money. Get some decent legal advice from an experienced attorney.
If you would like, give me a call to set up an appointment; I am in northern New Jersey. The consultation may be free, speak to me and I will let you know ahead of time. I will do what I can to help you out.
My contact information can be obtained from the links below, just click on the Attorney Profile link. Let my secretary know you found me through LawGuru.
Disclaimer: you can not rely on the advice of an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.