Getting injured on the job can leave you unable to work. That’s why filing a workers’ compensation claim as soon as you can is so helpful. Under workers’ compensation, you’re entitled to financial benefits from your employer to help you cover the cost of any medical treatments you receive as a result of your injury as well as a portion of your income while you recover.
However, getting a fair settlement for your claim can take time, and if you’re already struggling to pay the bills on top of your additional medical expenses, you may think filing for bankruptcy is your best option. Working with an experienced Myrtle Beach bankruptcy attorney will help simplify the process, but should you be worried about your pending workers’ compensation settlement? Here’s what you need to know.
Your Benefits Are Exempt Under South Carolina Law
When you file for bankruptcy, the state of South Carolina allows you to claim certain exemptions. These exemptions are assets or funds that the courts cannot use to pay your creditors or settle outstanding debts. Your workers’ compensation settlement and benefits count as an exemption under state law.
What This Means for You
What this means for you if you decide to file for bankruptcy is that the court cannot use the proceeds from your settlement to pay back your debts. The money you receive from your claim is yours to use as you see fit. This can mean covering the cost of your medical treatments, putting food on the table, or covering the cost of any health aides needed to improve your quality of life.
You may need to submit documentation showing the court the details about your claim or your settlement. Your attorney will help you identify the necessary documents so you can protect your workers’ compensation income.
Should You Wait to File Until You Receive Your Settlement?
Since your workers’ compensation settlement is exempt under South Carolina law, you don’t have to wait to file for bankruptcy if you truly believe it’s your best option. However, each situation is unique, and the best thing you can do is reach out to an experienced bankruptcy attorney in Myrtle Beach. They’ll be able to review your situation and help you determine if filing is in your best interest.
If it is, they’ll help you complete the necessary paperwork and file your case with the court so you can stop dealing with creditors.
Speak With a Myrtle Beach Bankruptcy Attorney
If finances are tight and you’re finding it impossible to keep up with your bills, filing for bankruptcy can help you start over with a clean slate. However, when you’re an injured worker who is receiving workers’ compensation benefits, filing for bankruptcy can be more complicated than you may think. The best thing you can do for your case and your financial situation is to speak with a Myrtle Beach bankruptcy attorney.
At Lam Law Firm, our team understands the difficult situations that many South Carolinians face when filing for bankruptcy. We’ll review your case and help you determine if filing is in your best interest. Contact us today to schedule a free consultation.