I live in the state of Louisiana. Under my exemptions it lists:
"Life insurance proceeds or avails; if policy issued within 9 months of filing, exempt only to $35,000".
My husband and I are newlyweds and I'd like to purchase some life insurance soon. He's unemployed and currently in college (wedding gift from his family). I am working full-time and I make enough to cover our basic expenses.
We are planning to file for Chapter 7 bankruptcy in February 2010. If I purchase a policy now, will my trustee take it away?
"Life insurance proceeds or avails; if policy issued within 9 months of filing, exempt only to $35,000".
My husband and I are newlyweds and I'd like to purchase some life insurance soon. He's unemployed and currently in college (wedding gift from his family). I am working full-time and I make enough to cover our basic expenses.
We are planning to file for Chapter 7 bankruptcy in February 2010. If I purchase a policy now, will my trustee take it away?