If a person is a veteran and had savings account through the veterans, can creditors take that money for his debt? 1 Answers as of July 12, 2016

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Edelman, Combs, Latturner & Goodwin, LLC | Daniel A. Edelman
VA, Social Security, SSI, and pension benefits are exempt. The exemption continues if the funds are placed in a savings account. An account opened by a veteran containing only nonexempt funds is not exempt because of veteran status. There is a "wildcard" exemption that can be applied to $4,000 in any account.
Answer Applies to: Illinois
Replied: 7/12/2016
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