If the annuities are in an IRA, then it's exempt from bankruptcy seizure (Col. Revised Statutes 13-54-102(1)(s)).
But, once you take the money out, it's not exempt anymore, so you can't touch it until after you file for bankruptcy.
The answer was posted above in this thread. If you need clarification, feel free to ask.
An annuity is an insurance contract where the buyer pays money to the insurer in return for the insurer providing a future income payment.
An IRA is a tax-preferred governmentally approved arrangement whereby a person can save money for retirement without paying taxes until the money is withdrawn (or, in the case of a "Roth" IRA, grows tax-free after the initial contribution is deposited).
An annuity can be purchased inside of an IRA, or outside. If it's purchased inside, it's exempt from bankruptcy seizure. If it's purchased outside, then it's not exempt, generally.
You say that you're trying to "secure" some money that you received from a life insurance policy. You could contribute that money to an IRA so as to protect it, but there are limits to the amount that you contribute in any year. So, if you are contemplating bankruptcy, then there may not be enough time to protect all of the money, depending upon where you put it.
If you own your own home and have less than $125,000 in equity, then you could contribute up to the amount that would create that amount of equity, and that money would also be safe.
Or, you could move to Texas or Florida, and purchase a home, and whatever money you put into the home will be exempt from a bankruptcy action.
If you are really concerned, and it appears that you are, then you may want to consider getting a consultation with a local bankruptcy attorney. The initial consult is generally free, so you have nothing to lose.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).