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I live in NC.I just received life insurance benefit checks.

Are these benefits exempt from...
I live in NC.I just received life insurance benefit checks. Are these benefits exempt from collection by creditors? Should I not deposit them and speak with an attorney first?
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Answered in 6 minutes by:
7/15/2013
Irwin Law
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 7,474
Experience: Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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Normally, life insurance proceeds are where a policyholder dies and the benefits are paid to a beneficiary. Those are definitely attachable by creditors. You say that these are life insurance "benefit checks" so it's possible that they might be exempt while the money is part of the disability or retirement fund. But when checks are issued and co-mingled with other funds in a common bank account, they might not be. Someone will have to review the entire program to determine whether it is protected funds or not. You idea of speaking with an attorney (collection type) first is a good one.
I hope this Answer is helpful and that you will give it a positive rating. If you have any follow up questions please send back a Reply. You should consult a local attorney to verify that this information is accurate for your state. Thank you for using Pearl.com- Just Answer. We appreciate your business.
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Customer reply replied 4 years ago

What if I open a separate account, specifically for the benefits, and deposit the monies in it, so that they won't be co-mingled?.

I depends on whether that particular fund is exempt from creditors or not. If it isn't, then holding it separately won't help.
Irwin Law
Irwin Law, Attorney
Category: Legal
Satisfied Customers: 7,474
Experience: Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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