Life insurance policies are important assets that many people invest in at some point in their lives. Life insurance policies can provide a financial safety net for you and your family to prevent a loved one’s passing from becoming a financial burden. If you are considering filing bankruptcy, it is important to tell your bankruptcy attorney about any life insurance policies you have and to know whether those policies are term or whole policies.
Life Insurance is an Exemptible Asset in Bankruptcy
Many assets, including the majority of life insurance policies are exemptible assets that can be fully protected in bankruptcy, but they must be disclosed to your bankruptcy attorney in order to be protected. If your policy is a whole life insurance policy with cash value, it is helpful to know that value when you speak with a bankruptcy attorney in order to ensure it will be fully protected through your bankruptcy. You have already made the decision to improve your and your family’s financial situation if you are considering bankruptcy. If you don’t already have life insurance, investing in it can be another wise financial decision you can make after your bankruptcy is discharged.
Whether you have life insurance or not, if you are considering bankruptcy, make an appointment to speak to one of the experienced Kentucky bankruptcy attorneys at O’Bryan Law Offices to discuss how bankruptcy can put you on the road toward financial success. The decisions you make today will make a world of difference in your and your family’s financial future. At O’Bryan Law Offices, we have helped thousands of individuals and families file Chapter 7 and Chapter 13 bankruptcies. Our clients have dealt with many of life’s challenges, resulting in overwhelming debt. They chose to address their debt head on and give themselves the fresh start they deserve.
Experienced Bankruptcy Lawyers
If you are interested in learning about your options through bankruptcy, make an appointment to speak with a Chapter 7 lawyer or Chapter 13 lawyer at O’Bryan Law Offices today. We now offer free “Life After Bankruptcy” courses to our clients to help them rebuild their credit score. Call us today at 502-339-0222 for a free bankruptcy consultation. Get a Fresh Start today!
