You do not need to place the funds in a specific type of bank account,. The proceeds are exempt from creditors claims but you may want to consult an attorney to help you plan for the long term protection of those funds. I have provided links to Fla. Stat. 222.18 and 440.22 for your review.
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You are correct. If even one dollar enters that account from another source, the entire account balance can be attached. Alternatively, you can simply cash the checks. Hire a WC attorney to protect your interests.
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I agree with the other attorneys. However, it sounds like bankruptcy should be part of your planning process. Perhaps not immediately, but certainly at some point while you are still in your down cycle.
The law is complicated and although the facts expressed may seem to be all that is relevant, there may be many other important facts to consider. Also, the law is constantly undergoing change, so what may be correct today, may not be accurate tomorrow. Only a full consultation with an attorney experienced or knowledgeable in the specific legal subject matter is likely to result in the optimal course of action. My practice has entailed more than a 30 year span of many real estate, personal property, and bankruptcy issues. Find out more about me at: FloridaPropertyLitigation.com.