Posted on: 09th Oct, 2009 03:58 am
MY WIFE PASS AWAY I fILLED BANKRUPTY IN MARCH WHAT IS GONG TO HAPPEN WITH HER LIFE INSURANCE,,,, AM I ALLOWED TO KEEP IT I AM OVER 180 DAYS IN MY BANKRUPTY,,
hi arthur,
after your wife's death, you will get her life insurance as a beneficiary. but since you have filed bankruptcy, the trustee will include the insurance in bankruptcy as your asset. if you acquired the insurance policy prior to filing bankruptcy, you are required to list it as a non-exempt asset. in case you acquired it after filing bankruptcy, the trustee can still include it as your asset, because the bankruptcy laws allow the certain assets to become part of the bankruptcy estate even though you acquired it after filing. life insurance and other death benefits are treated as one of those types of assets.
after your wife's death, you will get her life insurance as a beneficiary. but since you have filed bankruptcy, the trustee will include the insurance in bankruptcy as your asset. if you acquired the insurance policy prior to filing bankruptcy, you are required to list it as a non-exempt asset. in case you acquired it after filing bankruptcy, the trustee can still include it as your asset, because the bankruptcy laws allow the certain assets to become part of the bankruptcy estate even though you acquired it after filing. life insurance and other death benefits are treated as one of those types of assets.