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There are many factors, first how much cash value you have in them, you are allowed specific cash on hand, and certain amounts of property is exempt by the court. So basically if you have 100,000 in cash value and going bankrupt on 50,000 in debt, most likely they will not allow you to go bankrupt
You will have to notify the court of cash value in life policies as part of the bankruptcy. |
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The bankruptcy code sets forth the federal exemptions, property that the petitioner may keep without contest by the trustee or creditors. This is property that has no liens attached to it. Equity in a whole life insurance policy is such property. Each state elects whether to approve its own exemptions, so you will need to find out what your state has done. Do not go into bankruptcy without a lawyer who is familiar with the law and practice in his state.
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