A life insurance policy is one of the most important assets you can invest in. Life insurance often provides a monetary safety net for families facing the prospect of losing a parent or spouse to keep them from facing financial hardships. If bankruptcy appears to be on your radar it is imperative that you tell your attorney about any and all life insurance policies, you hold and what types of policies they are.
A good number of assets are not subject to be taken in bankruptcy and others can be protected, including your life insurance. Protecting your life insurance is something that can easily be done but you have to notify your attorney about these policies before the case is filed in order for the attorney to make the necessary adjustments. In the event that your policy is whole life with cash value, it is imperative that your attorney know the actual cash value amount of your policy to ensure that you can cover that amount with your exemptions when you file for bankruptcy protection. If you are thinking about filing bankruptcy, you’ve already made a positive choice to improve your family’s financial position. If you’re someone who doesn’t have life insurance, purchasing a policy can be another wise financial decision you can make after your bankruptcy is concluded.
Whether you must protect a life insurance policy or not, if you think bankruptcy is an option, make an appointment to speak to one of the experienced bankruptcy attorneys at Harmon and Gorove to find out more about how bankruptcy can be the first step toward renewed financial success. The decisions you make today will make a world of difference in your and your family’s financial future. At Harmon and Gorove, we have helped thousands of individuals and families file both Chapter 7 and 13 bankruptcies. Our clients have often weathered severe hardship that has resulted in overwhelming debts. They made a decision to address their debt head on and give themselves the fresh start down the road of financial freedom.
If you are interested in learning about your options through bankruptcy, make an appointment to speak with one of the experienced bankruptcy attorneys at Harmon and Gorove today. Call us today at 770.253.5902 for a free consultation with a professional and compassionate bankruptcy attorney.