close
    are universal life policies exempt in a chapter 7 bankruptcy?

    0  Views: 737 Answers: 1 Posted: 13 years ago

    1 Answer

    It depends on your state's laws.

    6dogs4us

    Your state laws define the exemptions that a debtor may use in a bankruptcy.

    Generally, the cash value of a whole life policy is considered exempt. What is determined by state law is whether your last year's contributions are exempt or not. Some states will require you to pay out of the cash value any amount you paid in during the last 12 months. Other states may have a wild-card exemption which would permit you to exempt those payments regardless of their nature. Bankruptcy is a complex area; you should contact a bankruptcy attorney in your area to discuss this further.


    Top contributors in Uncategorized category

     
    ROMOS
    Answers: 18061 / Questions: 154
    Karma: 1101K
     
    Colleen
    Answers: 47269 / Questions: 115
    Karma: 953K
     
    country bumpkin
    Answers: 11322 / Questions: 160
    Karma: 838K
     
    Benthere
    Answers: 2392 / Questions: 30
    Karma: 760K
    > Top contributors chart

    Unanswered Questions

    KM88
    Answers: 0 Views: 4 Rating: 0
    mksportsvnet
    Answers: 0 Views: 6 Rating: 0
    alpicainfo
    Answers: 0 Views: 9 Rating: 0
    net888bgame
    Answers: 0 Views: 6 Rating: 0
    bxbencat
    Answers: 0 Views: 11 Rating: 0
    km88life
    Answers: 0 Views: 13 Rating: 0
    pptvlive org
    Answers: 0 Views: 14 Rating: 0
    ww88abo
    Answers: 0 Views: 13 Rating: 0
    > More questions...
    464369
    questions
    721964
    answers
    781788
    users