This is such an issue that absolutely depends on your state law and the exemption list that your state entertains.

I am going to file for Chapter 7 bankruptcy and the only thing I possess is a life insurance policy whose value is something around $20,000. Is that policy exempt or the trustee will take it?

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This is such an issue that absolutely depends on your state law and the exemption list that your state entertains. Moreover, the federal exemptions should also be kept in mind. So my best suggestion would be to consult a bankruptcy attorney in your area. Hope this helps!


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