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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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Whole Life Insurance

I was reading your response to a life insurance question. My question is if you have paid up life insurance that has a cash value called whole life insurance is that something a trustee would want to take if you made an assignment for bankruptcy.

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One Response to “Whole Life Insurance”

Barton Goth, GCO, Bankruptcy Trustees said...

If you have a whole life policy that has an existing cash surrender value, if you file for bankruptcy this would be considered a non-exempt asset and something that your licensed trustee would be required to redeem.

For more information concerning why this would be necessary or an explanation of re-purchasing the equity from the estate you should contact a local trustee to review what would be expected in your area.