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?

1 Answers
-1 vote
Vote up!
Vote down!

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!

Ask Question

Waterfall approach to debt free ™

Legal debt relief methodology that works based on your financial conditions. Learn more »

Last Updated on: Fri, 8 Jun 2018

BBB-A--Rating TrustLink logo TrustLink logo