Can Creditors Take Your Life Insurance?

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   David RacichPRO

   Fountain Hills, Arizona

   There may be two questions here, death benefit proceeds and cash values in life insurance policy. Every state jurisdiction is different and you should seek legal counsel before deciding the best course of action. But in general terms, unless your domiciled state says otherwise or has cash value limitations, you personally owned life insurance cash values are protected. Death benefit proceeds received before or after six months of bankruptcy filing could be at risk and characterized as bankruptcy property.

   Answered on June 22, 2013

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