It depends on how much you expect to receive. Impossible to say whether the money will be safe otherwise.
Mr. Larkin is licensed to practice law in CA and is located in San Diego. His response here does not constitute legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Larkin strongly advises the questioner to confer with an attorney in their own state to acquire more information about the specifics of their case.
If you file bankruptcy, the trustee will become the owner of your injury claim. In that case, you would not receive any funds unless the recovery exceeded the amount of your debts and the trustee's fees and costs along with the fees and costs of the attorney the trustee hires to pursue the claim.
You are entitled to certain exemptions if you file a bankruptcy proceeding so it is likely you could keep some of the funds. Alot depends on the circumstances and the other property you want to keep.
My best advice to you is to seek the advise of a competent bankruptcy lawyer. Most bankruptcy lawyers offer a first visit free consultation. Make sure that you select an attorney that has been practicing law for a considerable period of time and who's emphasis is on bankruptcy law. When you call to make an appointment be sure to find out what documents you should bring to your meeting in order to get the maximum benefit from your free consultation.