Posted on: 15th Jun, 2010 05:47 pm
hi I am filing chapter 7 and I have a whole life policy, do i have to turn this over?
Hi kevi,
As far as I know, the cash value of a whole life policy is considered exempt. However, it may vary from state to state. In some states, they may ask you to pay the amount of cash value that you paid during the last 12 months. Other states may have an exemption which would permit you to exempt those payments. You should get in touch with a bankruptcy attorney and take his opinion in this matter.
Thanks
As far as I know, the cash value of a whole life policy is considered exempt. However, it may vary from state to state. In some states, they may ask you to pay the amount of cash value that you paid during the last 12 months. Other states may have an exemption which would permit you to exempt those payments. You should get in touch with a bankruptcy attorney and take his opinion in this matter.
Thanks