therefore, you do have the option of not really paying creditors of these debts, and avoiding bankruptcy.
When your income that is only is or SSDI, generally speaking you’re protected from garnishment. Federal law (U.S.C. 42 В§ 407) prohibits many creditors from garnishing SS or SSDI benefits (a exceptions that are few this legislation are for fees, alimony/maintenance, kid help, figuratively speaking, plus some federal government debts). Which means in the event that you donвЂ™t spend un-secured debts (including, however limited by medical bills, bank cards, pay day loans, unsecured loans, signature loans, repossessions, foreclosures, previous leases, past utilities, many civil judgments) creditors cannot garnish your benefits of these debts. Nonetheless, you receive from any other source, you jeopardize the protection the law provides your SS or SSDI benefits if you comingle your SS or SSDI benefits with funds. For instance, for you to prove how much of the balance of that account is actually SS or SSDI benefits, and therefore creditors may be able to garnish the entire balance of that account (I highly recommend that you maintain a separate account ONLY for your SS or SSDI benefits, and that you NEVER deposit any other type of funds in that account if you have a joint account with a spouse, and you deposit your SS or SSDI benefits into that account, and your spouse deposits some other form of funds into that same account, it may be difficult. Using this method you considerably reduce steadily the danger that your particular SS or SSDI advantages are garnished from your own account.). The advantage for this choice is which you donвЂ™t need certainly to show up utilizing the cash to fund a Chapter 7 bankruptcy, that may probably run you $1000 to $2500, based on your position, the lawyer you select, moneylion loans fees and which part regarding the country you reside.