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In determining what happens to life insurance proceeds in a bankruptcy filing, the first and most important question is whether you are filing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
→ Read MoreMoney rolled over from a pension into an IRA is also protected. However the law limits protection for funds in regular and Roth IRAs to $1,283,025, although this cap can be increased by the bankruptcy court. Contributions placed in a section 529 college education savings plan or in a section 530 education IRA at least 2 years prior filing for bankruptcy are off limits to creditors. An asset protection trust can be established under the laws of Alaska, Delaware, Nevada, Rhode Island and Utah.
→ Read MoreWhether your home and home equity is protected under the bankruptcy law depends on rules for exempting your home from a forced sale during bankruptcy.
→ Read MoreBankruptcy redemption is an option in a Chapter 7 bankruptcy case that may allow you to keep a vehicle or other asset that is acting as collateral for secured debt. However, redemption may not be an option for all Chapter 7 debtors because it requires them come up with cash up front. Consult a Chapter 7 bankruptcy attorney prior to making a decision about bankruptcy redemption.
→ Read MoreWhether or not you have to give up your personal possessions when you file for bankruptcy depends on what type of bankruptcy you file. Even if you are required to relinquish your possessions, many of your belongings are exempt and will not be considered bankruptcy assets.
→ Read MoreWhen a person goes through a divorce and receives a property settlement from it, that settlement is not exempt from being liquidated during a bankruptcy. Should an individual file for bankruptcy and then get divorced afterward, and subsequently receive a property settlement, he or she may lose that property settlement to the bankruptcy, since it counts as an asset.
→ Read MoreFind the right lawyer for your legal issue.
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