i just found out I have a life insurance policy cash value worth 10k and my father's is worth 20k (cash value)
can bk take it away?
sigh
can bk take it away?
sigh
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If benefits are paid out to you within 180 days of filing (or during your case if you file Chapter 13), those benefits are an asset of the bankruptcy estate (i.e. the trustee will take them). Other than that, bankruptcy should have no effect on your life insurance.DISCLAIMER: I am not an attorney. My posts are not legal advice. They are for information only. Please feel free to use them in an academic sense, as I simply wish to share with you what I have learned/researched. -
Cash value of that amount very likely won't be exempt. You need to check your state exemptions.Comment
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check your state exemptions or ask your lawyer, if you have one. Odds are really good that it is exempt.Filed: 10/26/2006
Discharged: 03/05/2007
Closed: 5/19/2008 - Asset case due to balance transfer and income tax refundComment
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thanks everyone for the help!Comment
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