Retired, disabled veteran and owe approximately $45k in cc debt. I rent and my vehicle is worth less than what I am paying for the loan
Social Security is protected under federal law, but not necessarily once it has been deposited. As to the other types of income, schedule a conference with a bankruptcy attorney.
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Yes, for people living in Oregon, under ORS 18.348, their pension, social security and VA disability benefits are protected from garnishment even after they are in the bank, up to a total of $7,500.00, if they are reasonably identifiable. This means that they haven't been "co-mingled" with other deposits so that it is possible to trace the money in the account to the direct deposits. The best practice is to not put any other money in that account. Also, those funds aren't protected from an IRS levy because these protections are under state exemptions which the IRS doesn't have to honor. Finally, it is important to understand that if one owes money to the bank where the exempt pension are deposited, those funds are not protected from one's own bank. If the bank doesn't get paid, it can take the money out of that account even if the funds are otherwise exempt. This is called an offset and is allowed.
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