Can creditors find my POD bonds, and or life insruance policy from my deceased loved one, during bankruptcy proceedings?
Question Details: My husband and I are getting ready to file bankruptcy, we need to do this SOON as we already have a judgement against us, and can't afford to have wages garnished et cetera. We are still waiting on death cert from my father in law to pay my parents back for a van that they loaned us the cash for. We are not wanting to list the bonds/life insurance as assets as we plan to pay my parents back as soon as we get death cert, and that money will be in the form of our van. At what point will creditors know if we have this money? We are not criminals, but time is not on our side. What can we do?
I am not a MO lawyer, but a LA lawyer, therefore this answer does not constitute legal advice, only legal information. Under MO law, the following are exempted from the bankruptcy estate:
-Assesment plan or life insurance proceeds
-Life isnurance dividends, loan value, or interest to $150,000, bought over 6 months before filing
-Life inurance proceeds if policy owned by unmarried woman and insures her father or brother
-Unmatured life insurance policy
Since you already have a judgement against you and you have decided to file for bankruptcy I recommend you retain a local bankruptcy lawyer, and you can find one at NACBA.ORG.
-Hope this helps
Adam G. Young,Esq
Kervin & Young, LLC
New Orleans, LA
