September 20th, 2005 by Questions
Can I still pay payment to my Life Insurance that I purchased 20 years ago if I apply for bankruptcy? Can I still own a life insurance policy?
September 20, 2005 at 11:16 pm, Barton Goth, GCO Inc. Bankruptcy Trustees said:
As long as there is no accessible cash value to this policy (and your spouse or child is named as the beneficiary) and you are successfully able to meet all the obligations under the Bankruptcy & Insolvency Act (i.e. payment to trustee) then there is no problem with you having and continuing to contribute to the policy. However, if there is an accessible cash value these policies must be closed and the funds will be divided up equally among your creditors.
Log in to Reply
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.