Legal Question in Bankruptcy in Ohio
can you keep life insurance policies if you file bankruptcy
Asked on 4/26/10, 8:06 am
1 Answer from Attorneys
David Michael Benson
Benson Law Firm
It depends. If you have cash value in your policy and you have filed a Chapter 7, you may have to liquidate the policy and pay the proceeds to the trustee. Under a Chapter 13, this amount would be used in the liquidation test to determine if your plan payment is high enough. If you have a term policy, there is nothing for the trustee to disgorge.
Answered on 5/10/10, 2:38 pm
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