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Old 03-05-2018, 07:48 PM
 
Location: Silicon Valley
18,134 posts, read 23,019,359 times
Reputation: 35363

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Quote:
Originally Posted by mathjak107 View Post
i wasn't born with money , we were quite poor and i went through a late life divorce . so yeah i do know what it means to make ends meet . i just did what i had to , to make bad situations better and to allow for bad stuff in the the plan when it does happen instead of ruling it out
I'm happy for you that nothing went wrong with your plan, and that you didn't become disabled before you were able to accomplish it. Unfortunately, not everyone is so fortunate between the time of losing everything and being able to build it back up. Count your blessings and don't be harsh on those less blessed.
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Old 03-05-2018, 07:52 PM
 
Location: Silicon Valley
18,134 posts, read 23,019,359 times
Reputation: 35363
Quote:
Originally Posted by AADAD View Post
from my reading if you don't co mingle money social security benefits are untouchable. where is that wrong?
That is not wrong. There are a couple exceptions, if you'll read the article. Exceptions would be child support, or money owed to the government, like student loans (if your income is high enough to require it), taxes owed to the IRS, things like that.

Basically, if it's something that could be included in a bankruptcy, then it would be safe as long as you didn't co-mingle funds. And as long as you didn't have more than 2 months worth of deposits in the account, from what I understood in the article. it reads that 2 months of deposits are protected. A reasonable assumption would be that an amount over that, would not be protected.
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Old 03-05-2018, 08:38 PM
 
Location: Western Colorado
11,103 posts, read 12,491,223 times
Reputation: 26207
That never occurred to me, but a great idea. Going to the bank tomorrow to set up a new account for ss income I'll call Social Security Account, and have my current account labeled Retirement Account. I have no other income.
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Old 03-06-2018, 03:19 AM
 
71,778 posts, read 71,875,234 times
Reputation: 49341
Quote:
Originally Posted by NoMoreSnowForMe View Post
I'm happy for you that nothing went wrong with your plan, and that you didn't become disabled before you were able to accomplish it. Unfortunately, not everyone is so fortunate between the time of losing everything and being able to build it back up. Count your blessings and don't be harsh on those less blessed.
i have never been harsh on anyone . their situation is their situation .

but i don't sugar coat the truth that their are many cases out their that ended up bad by long histories of poor choices in life leading up . i don't pick and choose as to who's situation it applies to or not . i just state a general fact and it is what it is .
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Old 03-06-2018, 05:42 AM
 
13,969 posts, read 7,441,074 times
Reputation: 25517
Quote:
Originally Posted by foundapeanut View Post
^^^ seriously a $3 million dollar umbrelal is not goingto be 3 times the money. It might be just be $100.00 more. And worth it jstu so you don't have the attorney fees.



That is why one should sets up trusts. And not the cheap kind.

Although its more complicated than just saying set up a trust. Every state has different laws.
And there are $5 million jury awards. Instead of inane nit-picking, at least acknowledge the point that anyone can be completely wiped out by being in the wrong place at the wrong time.
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Old 03-06-2018, 06:47 AM
 
Location: Saint John, IN
11,043 posts, read 4,002,945 times
Reputation: 13559
Id ask a lawyer who deal with social security benefits. Lots of conflicting information here!
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Old 03-06-2018, 02:04 PM
 
Location: Ohio
19,953 posts, read 14,256,616 times
Reputation: 16133
Quote:
Originally Posted by jim9251 View Post
That never occurred to me, but a great idea. Going to the bank tomorrow to set up a new account for ss income I'll call Social Security Account, and have my current account labeled Retirement Account. I have no other income.
Sigh...knowledge is not imputed.

Read the many dissertations the US Supreme Court and your own State's Supreme Court have written regarding imputed knowledge.

Creditors, debt collectors and junk debtors do not know which of your accounts, or what part of the money in an account comes from Social Security benefits, nor do the have any concomitant responsibility, legal or otherwise, to find out.

The burden of proof is upon you, not them.

If you live in Alabama, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia or Wisconsin, your State allows prejudgment remedies.

That means they can seize your bank accounts, other accounts, and attach liens to your property at the time they file a lawsuit seeking damages for non-payment of debts.

Yes, you will eventually get your bank account restored, but the operand here is "eventually."

If you can go several months without withdrawing any money from your accounts, then fine. I hope you have a lot of cash lying about your home to meet all of your needs.

Note that debt collectors, and especially junk debt buyers, are unscrupulous.

They will do things like serve you the summons to the lawsuit at your previous address.

Since you aren't living at your previous address -- obviously -- you cannot file an answer to the lawsuit, which means the debt collector or junk debt buyer gets a quick victory when they motion for default judgment.

When I was a moderator on a debt/credit forum, there were hundreds of people who had been sued and served at their previous address and had their bank accounts frozen. I helped them write a motion to vacate the judgment, and file a cross-complaint for violations of the Fair Debt Credit Practices Act and whatever State laws were applicable for serving them at the wrong address.

And how do we know it was intentional? The debt collector, junk debt buyer or debt collection law firm often made an inquiry on their credit report just before filing the law suit. For all other instances, the current address readily available in the documents transferred or obtained from the original creditor.

They had the current address, they just didn't want to use it, because they wanted an easy win in court.

If you have credit monitoring, and it covers hard/soft inquiries on your credit report, pay attention when you get an e-mail informing you of that.
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Old 03-06-2018, 08:19 PM
 
Location: Silicon Valley
18,134 posts, read 23,019,359 times
Reputation: 35363
Quote:
Originally Posted by mathjak107 View Post
i have never been harsh on anyone . their situation is their situation .

but i don't sugar coat the truth that their are many cases out their that ended up bad by long histories of poor choices in life leading up . i don't pick and choose as to who's situation it applies to or not . i just state a general fact and it is what it is .
I find this really contradictory. But, I'm sure if I was you, I'd feel the same way.
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Old 03-07-2018, 05:14 AM
 
Location: Whidbey Island, WA
12,273 posts, read 11,335,343 times
Reputation: 6124
Quote:
Originally Posted by NoMoreSnowForMe View Post
I find this really contradictory. But, I'm sure if I was you, I'd feel the same way.
Just a question..., but why are you all up this guy's you know what?

He certainly has been more than helpful to thousands of posters myself included.


Take a breath.
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Old 03-07-2018, 05:16 AM
 
71,778 posts, read 71,875,234 times
Reputation: 49341
There are always some , and they are entitled to their opinions. i just call things as i see it . some take everything personalty like i mean them and others don't see it is them .
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