Legal Question in Bankruptcy in Florida

is variable universal life an exempt asset

If I file Chapter 7, do I have to list my variable universal life insurance plan. Is it exempt? It has some built up equity and is now paying for itself since I am having difficulties making payments.

Thank you.


Asked on 1/17/02, 3:03 pm

2 Answers from Attorneys
Anthony Comparetto Comparetto Law Firm

Re: is variable universal life an exempt asset

The General answer is the Insurance Policies are exempt from the bankruptcy under Florida Law. That said you should still sit down with a lawyer to make sure that you will not lose your valueable policy.

Anthony Comparetto, Esq., 727-328-7900 www.helpwithlaw.com

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Answered on 1/17/02, 3:13 pm
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: is variable universal life an exempt asset

yes. In all events, you should consult with competent bkc counsel to be certain your schedules are properly prepared.

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Answered on 1/17/02, 3:31 pm


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