Actually, completely depends upon the state on which you are residing as different states have different rules regarding bankruptcy exemption.

I’m going to file for Chapter 7 bankruptcy and the only asset that I have is a life insurance policy worth $20,000. Is a life insurance policy exempt in bankruptcy? Or, the trustee will take it?

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Actually, completely depends upon the state on which you are residing as different states have different rules regarding bankruptcy exemption. Which state you are residing in?

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It is exempt!


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