How do I protect my inheritance from bill collectors?
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How do I protect my inheritance from bill collectors?
I charged off a HLOC on a home I foreclosed on over 2 years ago. My Mother just passed away and I will be inheriting $40k or so. How can I protect my inheritance from this collector?
Asked on January 4, 2012 under Bankruptcy Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you are concerned about bill collectors and are inheriting $40,000, one way to get a discount on the amount you owe on some bills is to offer a lump sum 30% on the dollar as payment in full evidenced by a written document signed by the bill collector's representative.
However, to protect your inheritance from bill collectors, the best way is to keep the money in cash at home in a safe. If you place it in a bank account or stock brokerage account, it is subject to a levy in the event you have judgment creditors against you.
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