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Private disability settlement after bankruptcy?
I am 33 and just got approved for SSI disability after being on private disability through Prudential for over 3 years. I ran up a huge amount on my credit cards from medical expenses. (nearing $100,000) I am filing bankrupcy because there is no way I can pay this debt off. My question is, if I file bankruptcy and get offered a settlement from Prudential (not taking anything below $250,000), will the courts come after that money? Any advice on disability settlements would also be very helpful. For example, should I get an attorney since I figure they would take a large portion of my settlement?
@A Hunch -I don't know if I explained it right. I am approved for Social Security disability, not welfare. I worked very hard, sometimes over 100 hours a week, and made good money. Social Security disability is not a handout. I put that money in there and now I get it back. I will make no more money than I have with private disability but I get access to Medicare.
I think that you should imagine having 3 failed back surgeries and living with constant pain from the Sciatic nerve (the biggest nerve in the body) being nicked during the first surgery. I'm sure you would be out there working hard every day. Unfortunately, I am not able to ignore the stabbing feeling from the middle of my back all the way down to my right toe. But, I guess that's just because I'm a bum. I have a Hunch you don't know what you're talking about so you shouldn't post on things you are ignorant of.
1 Answer
- A HunchLv 78 years ago
Sorry can't answer the questions... but would like to be educated.
If you are receiving LTD from Prudential why did you want to transfer to SSI (welfare)?
- if you think your claim is work $700 a month in a lump sum, that means you were getting more than at. (in my 5 minutes of researched I leaved that the this lump sum settlement is like any lump sum settlement ~ money up front is less than anticipated full payout without even talking into consideration increases).
I assume you aren't eligible for SSDI because you don't have the working credits... you were 30 when you were disabled. Why don't you have the 40 credits?
- working under the table?
- just being a bum when you were in your teens and early 20s??
Add'l info: I only asked questions regarding the part that I'm not knowledgeable on. I'm very familiar with the different types of disability payments.
SSI is supplemental security income. It is a federal form of welfare. It's a for low income elderly and disabled. The federal monthly max is $710 and some states have an additional contribution bring the monthly total to just over $800.
SSDI is Social Security Disability Insurance. You are eligible for this when you have earned 40 social security administration working credits (it does not matter how many hours you worked, it's based on length of employment.). The current max is around $2400 per month.
Based on your original note, it looks like you were approved for SSI. That is why I was asking why you don't have the 40 credits... at age 30.
- in your reply, it looks like you may have been approved for SSDI (sometimes referred to SSD).
When you write notes in the future it would be beneficial to clarify what program you are on, so your reader can answer more accurately.
