Do I lose my life insurance policies?
I’m considering filing a consumer proposal or actually filing for bankruptcy. I owe about 70,000$, 25ish being student loans that I know I won’t be rid of, but due to ongoing health problems I can’t seem to get ahead of all the payments. Especially with meds costing over $250 a month and that’s with my work benefits. I earn around $50 a year but have dug myself into a hole being sick and off work for months at a time.
I have life insurances that began from a policy my mother took out when i was much younger that give me guaranteed insurabiliy. With my illness there is no way I could get life insurance again, so I want to know if in Ontario you can have life insurance policies exempted? The life insurances total about $60,000 and have less than 1000 in cash value.