If I file bankruptcy, can the court take the life insurance payout I received upon my husband’s death?
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If I file bankruptcy, can the court take the life insurance payout I received upon my husband’s death?
I was employed at the time he died but had to quit due to grief/illness. So I will now have to use the money to support myself. All debts are in my name solely.
Asked on July 12, 2012 under Bankruptcy Law, Ohio
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 12 years ago | Contributor
Your question is state specific. The protection afforded to by the proceeds of a life insurance policy are usually determined by the exemptions granted under your state's legislative policies. Some states follow the federal guidelines. You would really need to speak to an attorney in Ohio who can properly advise you. In Illinois, the proceeds would be partially exempt (protected)
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