The Bankruptcy Court has every right to claim the proceeds of a life insurance policy once you are declared by them as insolvent.
No, discharged debt is considered a forgiveness of debt and not a bankruptcy. Bankruptcy can only happen as a result of bankruptcy court procedure. Certain loans can be discharged due to hardship or disability, especially if there is an insurance policy in force to cover such a situation. When a loan is forgiven due to hardship or disability, the debtor's credit rating is usually not affected.
Bankruptcy is a federal court process. It is designed to help consumers and businesses eliminate debt or repay debts under the protection of the bankruptcy court. There are two categories of bankruptcy, "liquidation" or "reorganization":Liquidation bankruptcy (or Chapter 7) - a consumer or business asks the court to discharge the debts owed (some debts cannot be discharged). In exchange, the business's assets or the consumer's property is sold (liquidated) and the proceeds are used to pay off the creditors.Reorganization bankruptcy (chapter 13) - involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.
You need his signature and he will receive half of the proceeds unless you have a court order that says otherwise.You need his signature and he will receive half of the proceeds unless you have a court order that says otherwise.You need his signature and he will receive half of the proceeds unless you have a court order that says otherwise.You need his signature and he will receive half of the proceeds unless you have a court order that says otherwise.
Your question needs to be addressed to an attorney familiar with bankruptcy laws as well as fraud statutes. You could begin by informing the bankruptcy trustee. That is the person assigned by the bankruptcy court to determine the eligibility of the bankruptcy applicant. If you can't find out who this person is, try calling the bankruptcy court. Bankruptcy is a federal court issue. There are usually two bankruptcy courts per state.
The first step is to talk with a bankruptcy attorney, then fill out the appropriate paperwork and file it with a bankruptcy court.
When no beneficiary has been designated the proceeds of a life Insurance policy are assigned to the probate estate of the deceased insured. It would then be apportioned by the probate court to any surviving heirs.
Under normal circumstances the named beneficiary collects the proceeds from a life insurance policy without court intervention.
If a decedent was the owner of a life insurance policy you may need to probate their estate in order for ownership of the policy to pass to the heirs. You need to contact the insurance company listed on the policy and inquire there about changing the ownership.
Yes..However, an attorney should answer this question..I do believe the bankruptcy court must approve of the sale..Any proceeds from the sale that you may pocket, could be used to to pay creditors, if the bankruptcy court orders it.
For the most part, no one. A court might make some changes, but those are most likely to be as a result of judicial proceedings taken prior to death, but even that does not contemplate post-death changes. A life insurance policy is a contract, and barring unforeseen circumstances, the insurer is obliged to pay the policy proceeds to the beneficiary(ies) named on the application for the policy when a valid claim for proceeds is presented. If the named beneficiary(ies) pre-decease the insured, the contingent beneficiary (if one has been named) get(s) the proceeds. If there is no contingent beneficiary, subject to the terms of the policy, the proceeds may be payable to the insured's estate. The proceeds would then pass according to the directives of the insured's Will, or if he/she did not have one, according to the jurisidiction's laws of descent and distribution (intestacy).
It is the responsibility of the person holding the life insurance policy to keep the beneficiary data updated as necessary. In the scenario in the question, the ex girlfriend was listed as the beneficiary ... and will be awarded the proceeds from the policy. Unfortunately, there is little the spouse can do to stop that. The beneficiary designation is binding and will hold up in a court of law.
Yes you can sale your home but the bankruptcy court will take the proceeds from the sale and disburse them to your creditors that you owe. No, everything except your selected exempt property belongs to the bankruptcy estate, as of the moment you file, and it can only be sold by the bankruptcy trustee, with permission of the court, to satisfy your debts in an orderly fashion.
The proceeds of the policy are paid to the estate and the estate must be probated. There is usually an expedited probate process for small estates. You should inquire at your probate court.
No, discharged debt is considered a forgiveness of debt and not a bankruptcy. Bankruptcy can only happen as a result of bankruptcy court procedure. Certain loans can be discharged due to hardship or disability, especially if there is an insurance policy in force to cover such a situation. When a loan is forgiven due to hardship or disability, the debtor's credit rating is usually not affected.
The court can make any judgment they wish in regards to a claim regardless to what is covered by the insurance companies policy. What happens is the individual policy holder is now on the hook for the damages that the insurance company is not going to cover. The terms of the policy would be inforce unless a court of authority finds the insurance company was negligent in it's exclusion of specific terms in the policy. So basicly the insured person who was covered by the policy is out of pocket the amount of the awarded claim regardles of the insurance company covering that exclusion or not.
I assume if there was no will, there was no trust. I also assume the beneficiary(s) on the policy are also deceased. The estate will go through probate. You will have to advise the court of your status as an heir and once the probate proceedings are completed, you will get your share of the life insurance proceeds.
There may not be a specified beneficiary still living or even listed on a policy but there is alway an estate. Perhaps you mean they had no will. If the person died "intestate" meaning without a will, the laws of the state where they resided in specifies where the proceeds of an estate go to and how they are divided up. The court will appoint an administrator or executor to handle the assets of the estate. If you have a specified beneficiary your like insurance proceeds will actually bypass probate in most cases and will go directly to the specified beneficiary.