Can I cash in a life insurance policy to pay an attorney for a Chapter 7 bankruptcy?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can I cash in a life insurance policy to pay an attorney for a Chapter 7 bankruptcy?

Asked on January 3, 2014 under Bankruptcy Law, Ohio

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 7 years ago | Contributor

The easy answer is yes.  You will have to account for the disposition of any excess fund from the cash value and your attorney must make a disclosure on the Rule 3016 form which is filed with the case which discloses the source of his  or her payment.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption