Legal Question in Bankruptcy in West Virginia

Keeping life insurance benefits
I am considering filing bankruptcy due to large medical and credit card debts. I received life insurance benefits from the death of my twins. The amount of the policy doesn't come close to the amout of debt owed. Can I keep any of this money by making payments on exempt property such as homestead and auto as long as I don't go over the allowable exemption amount or does it all have to be disclosed to the trustee? Can I pay for the funeral and burial expenses with this money or do they also have to be included in the bankruptcy?

Asked on 1/08/04, 6:24 pm

Rodney Berry Berry, Kessler, Crutchfield and Taylor

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Re: Keeping life insurance benefits

WV has a $25,000 wild card exemption per person and $50,000 for a married couple; therefore, it doesn't really matter. Everything must be disclosed.

Answered on 1/09/04, 10:15 am

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