Life insurance

[CAbk]

I am trying to file pro se in CA as an individual even though I am married. I am filling in sched B and am a little stumped about life insurance. My DH has a policy on himself through his employer. Do I list it? Do I say it is his or mine since I am the beneficiary? And do I put the payout amount if he were to die as the amount of my interest in it? We have not accrued any "equity" or anything like that. The only way we get anything from this policy is if he were to bite it. Thanks!

[AngelinaCatHub]

As to the forms in CA, I don't have my C7 book available as we are out of town. I can tell you though without any doubt, insurance is exempt for any reasons. Annuities or payments from them are exempt, and proceeds from a life insurance policy (God forbid) is untouchable. 'Hub

[CAbk]

Thanks Angelina. I have figured out how to exempt it, I just don't know how to list it. Is the C7 book you are talking about the nolo book? I have yet to get it, but I think I need to!

[justbroke]

I am trying to file pro se in CA as an individual even though I am married. I am filling in sched B and am a little stumped about life insurance. My DH has a policy on himself through his employer. Do I list it? Do I say it is his or mine since I am the beneficiary?

If this is a company policy, I don't believe you need to list it. I have it for myself as well (it's company paid... but I pay "imputed earnings" on it), but since the company provides it, I never listed it.

And do I put the payout amount if he were to die as the amount of my interest in it? We have not accrued any "equity" or anything like that. The only way we get anything from this policy is if he were to bite it. Thanks!

I'm not sure that you need to list the policy. The problem is, it's not your policy, and it's not your husband's policy. It's actually the Job's policy.

Would be good to hear from a lawyer on this.

If you do list it, list it as a Company Insurance Policy. Since you don't pay a premium for it, I don't know how to list it.

[justagirl]

I'm not sure if this applies to all states, but a couple of the BK attorneys I spoke to said the life insurance policy provided by my employer did not have to be listed on the schedules as I do not "own" the policy, my employer does.

~JAG

[CAbk]

Thanks for the info. I think that it is owned by his employer although he did elect to get the optional coverage on top of the basic coverage his employer provides. He does pay a few dollars a month for the optional supplement, but is not much.
Does anyone here who has filed successfully have any insight on this? Were you a benficiary for this type of insurance? If so, did you list it on your schedule B. If so, what terms and amounts did you use??
Thanks for all the help.

[justbroke]

Does anyone here who has filed successfully have any insight on this? Were you a benficiary for this type of insurance? If so, did you list it on your schedule B. If so, what terms and amounts did you use?? Thanks for all the help.

I have successfully filed. However, I don't pay extra for a supplemental policy. Since your husband has a supplemental policy, I would list it on Schedule B.

I would put whatever the policy pays, as the limits. The cost would be the cost that he pays for the supplemental insurance.

[turca68]

My husband and me filed for bankruptcy chapter 7, we loss our home in foreclosure in Dec 6, 2009. And we need to move out asap, but we need to take the money from our life insurance to do that, because is with the only thing that we can count at this time.
It will affect our bk???