Legal Question in Credit and Debt Law in Texas
i have $l00,000 of life insurance on myself......... IF i were to die, owing $80,000. in student loans, would my life insurance be taken away from the beneficiaries to pay my loan off ? i don't want to keep my life insurance policy IF my children would inherit nothing....... is it true my children would have to pay my debts off....student loans AND any medical bills ?
2nd question..... i have a bad sad sobby story about being screwed with student loans, now going on about 20 years of b.s.......any help out there ? i tried for years to get help / advice and it was to no avail..... i would not tell anyone to go to school and borrow money from Our Govenment...it's a racket !
HELP please - on both issues .....
2 Answers from Attorneys
Inheritance has nothing to do with life insurance.
The proceeds of a life insurance policy can't be grabbed by your creditors. It isn't part of your estate.
As for the student loans, and you being "screwed," it's too late to do anything. You can't even fix it through bankruptcy (student loans are generally NOT discharged).
Tell me more about your student loan situation. Whether or not something can be done about it depends on a lot more than just bankruptcy law. And, I agree with you, many people have, indeed, been screwed, blued and tatooed over student loans. We need to discuss more. [email protected]
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