If you have an insurance policy, it can be subject to inclusion in your bankruptcy estate.This article was originally distributed via 24-7 Press Release Newswire. 24-7 Press Release Newswire, WorldNow and this Site make no warranties or representations in connection therewith.
ATLANTA, GA, May 28, 2014 /24-7PressRelease/ -- Bankruptcy law is a complicated field, and it takes years of study and experience to understand many of the nuances of the Bankruptcy Code. Fortunately, the Atlanta bankruptcy lawyers
at Clark & Washington are there to guide you through some of the more complicated aspects of the law.
Insurance is one of the areas where you need the help of an attorney when you file for bankruptcy. Some insurance policies are exempt from inclusion in your bankruptcy estate, whereas other policies must be included.
Unmatured life insurance is exempt without limit. The loan value or accrued dividend of a life insurance policy can be exempt so long as it is deemed a reasonable amount, is owned by the debtor and insures the life of the debtor or a person on whom the debtor is dependent.
Any insurance the debtor owns that has cash value on another individual (parent, child, business partner, etc.) is not exempt. Even policies where you are the beneficiary are subject to being added to your estate, especially if you become entitled to benefits within 180 days of filing.
Clark & Washington notes that whether your insurance policy is exempt or not, you must include it among your list of assets when you file. Neglecting to include your insurance policy can either make it a part of your estate or cause your filing to be dismissed completely.
If you are concerned about whether or not your insurance policies will be exempt when you file for bankruptcy, contact the experts at Clark & Washington for a free initial consultation. You can schedule your consultation at http://www.cw13.com
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.cw13.com
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