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If you are having financial issues and you need to sell you life insurance policy you can get in touch with a life settlement company and see what their terms are to sell your policy to them. Keep in mind, though, that such companies must be licensed by the state insurance regulatory authority, so never deal with one that is not.
Furthermore, the proceeds of the sale may become part of the bankruptcy estate. Whether or not they are in your situation would be within the purview of the bankruptcy attorney. It is critical that you are entirely up front with the nature and extent of your assets, or the bankruptcy discharge may not be granted.
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∙ 13y ago
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Can an life insurance proceeds be taken when bankruptcy is filed?
Yes
If I am a beneficiary on a life insurance policy and owe back taxes or have filed bankruptcy will the insurance company hold the check?
No, they will pay the claim to you and then you will be able to do what is fiscally responsible.
If a spouse passes away two months after you filed bankruptcy are the courts entitled to their life insurance policy and if so how long should you wait before filing a claim?
Most death benefits are exempted from bankruptcy procedure. This however depends on the type of bankruptcy being filed, and perhaps to the laws of the state of residency.
Will bankruptcy remove life insurance loans?
Life insurance loans are not on your credit report.
Can you sell your house while in bankruptcy?
You cannot sell your property during a bankruptcy proceeding. If a bona-fide offer is made to purchase the property a motion is filed for permission to sell. If allowed, an order is issued by the court that frees the property from the bankruptcy so it may be sold free and clear of your bankruptcy by the trustee. The proceeds from the sale will then be controlled by the trustee in bankruptcy.
Can you file bankruptcy if I am not in Canada?
I guess so. My uncle filed for bankruptcy and he's never been to Canada in his life.
Can bankruptcy court get the proceeds of a life insurance policy?
The Bankruptcy Court has every right to claim the proceeds of a life insurance policy once you are declared by them as insolvent.
After chapter 7 can i sell my life insurance policy?
If you filed chapter 7 then you have a lawer. Call and ask him. I would think you should be able to.
What is the difference between a life insurance producer and life insurance advisor in MA?
Life insurance producer can solicit and sell insurance. A life insurance advisor, cannot. An advisor can only give advice but not sell insurance.
Can an advocate sell insurance policy?
Yes They can Sell the insurance Policies both of the Life and Non-Life.
Can you get a temp license to sell life insurance in Texas?
Can you get a temp. license to sell life insurance in texas
Can life insurance agent sell general insurance?
No.
