Q: I live in KY. I have a lot of non secured debt, but now only have social security retirement to live on. Am I protected?
I don't want to file bankruptcy, and from what I've read, it seems they cannot collect the debt
because S.S. retirement is all I have to live on.
A:
In Kentucky, Social Security retirement benefits are generally protected from most types of garnishment. Creditors typically cannot garnish these benefits for non-secured debt like credit card bills or personal loans.
However, there are exceptions for certain types of debts, such as federal taxes, federal student loans, child support, and alimony. It's important to ensure that your Social Security funds are kept in a separate bank account to clearly distinguish them from other funds, which might be more vulnerable to collection actions.
While bankruptcy is an option for dealing with unmanageable debt, it's not always necessary, especially if your income is primarily from Social Security. Still, it may be wise to consult with a legal advisor to review your specific situation and consider all your options. They can provide advice on how to handle your debts and protect your assets. Keeping informed about your rights and options is key to managing your financial situation effectively.
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