Due to an accident the person hit and his attorney asking for my policy limits plus all my financial affidavits and assets by August 12th. $100k ins limit. I have about $50k in the bank plus a rental prop which I make $750/mo not including h/o ins I pay $1500/yr. & an old 401k that was rolled into IRA. On paper it's going to look like they will get more out of me than ins. Also, I just had to let her 27k credit card charge off today so they will be going after the same probably. I haven't been able to work in the last 3 years bc of an emergency back surgery and 3 weeks later found out I was pregnant. Dr said I was not going back to work I was told I didn't qualify for disability and so I have not had any income I've been living off my savings. as of the last year our household is not had any stable income with exception of my 725 rent. I don't have any money but need help to protect assets.
Usually, someone in your situation cannot "protect" assets, since anything you do with the money in the bank or certain other assets can be reversed by a creditor as a fraudulent or preferential transfer. It may be that your best option is to file a bankruptcy to get rid of the debts and get a fresh start. You should speak with an attorney in your geographic area about this.
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