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insurance policy

if my husband declares bankruptcy and he has a whole life insurance policy for 50,000 and I am the beneficiary (wife)will this policy be declared in the bankruptcy for the creditors!

If it is not declared and bankruptcy does go through can it come back to haunt us in later years????? We are in complete disagreement regarding this issue!

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One Response to “insurance policy”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

Under federal legislation the cash surrender value of life insurance policies where the beneficiary named is the spouse, child, parent of grandchild, then these fund are exempt from seizure and would be yours to keep regardless of whether you filed a bankruptcy or not. The only exception is if you transferred these funds from a non-exempt form to an exempt form on the eve of bankruptcy (i.e. changed the beneficiary from your cousin to your child just before you file a bankruptcy in an attempt to protect the funds).