Legal Question in Bankruptcy in Indiana

Accident Insurance Settlement

I was injured in a car accident. Because of this I am considering filing bankruptcy. Indiana Exemptions under law section 27-8-3-23: Insurance reads ''Mutual Life or Accident Preceeds'' Does this mean that the settlement I receive from the lawsuit will be exempt? That would be nice because I am unable to work and pay my bills and need the settlement money to help take care of me and my family. I have a 6 year old and 13 teen year old.

Thank you,

DD


Asked on 2/04/04, 10:18 pm

1 Answer from Attorneys
Mary Ann Wunder Wunder & Wunder

Re: Accident Insurance Settlement

If it is the proceeds of a policy you owned and the issuer is within the particular category of companies under that provision of the code, then proceeds would be exempt. However, the most usual interpretation is that the cash surrender value of a life insurance policy payable upon your death to a specific beneficiary is what is exempt.

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Answered on 2/06/04, 8:48 am


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