Every year, thousands of Americans face some sort of injury that allows them to draw from disability benefits. Regardless of the source of these funds, being from person disability insurance or from a workers' compensation insurer, this money can provide a valuable source of income when work pay is otherwise impossible to collect. However, for as useful as these funds may be, they are not often sufficient to cover the otherwise high costs of living found throughout the United States.
As a result of dealing with food, energy, and housing costs, a person may quickly realize that their disability payments, although vital, cannot be stretched far enough. If the injured individual has some sort of savings, this amount may be tapped to fill in the gaps. However, especially if treatment costs were not fully covered by an insurer, these savings may not stand up to long-term disabilities or injuries. In these cases, credit card debt may begin to pile up in an attempt to pay the bills.
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When finally pushed to bankruptcy, the law does provide some benefits for these individuals. Many states offer disability exemptions to those who receive these payments as a source of income. Considering that most of these individuals may not have the means to return to work yet, this income may prove their only way to cover absolutely essential costs. For this reason, there are usually exemptions for both disability pay and for workers' compensation income.
This exemption does not generally cover all disability benefits. In particular, these exemptions tend to limit the overall sum of money within a particular payment period that can be considered exempt. These figures may be fixed at one level or measured according to the average amount of disability pay over the length of the disability.
To discuss bankruptcy options for those with limited incomes such as disability checks, contact a bankruptcy lawyer.
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