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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Life Insurance Policy

If declaring personal bankruptcy, are they allowed to cash in life insurance policy for cash value at time of filing bankruptcy?

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One Response to “Life Insurance Policy”

A licensed trustee said...

Maybe – it depends on the nature of your policy and your stated beneficiary(s).

I realize that’s not much of an answer – I suggest you contact a local trustee and show them a copy of your policy. They should be able to tell you from the policy whether or not it is at risk if you file.