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

UPDATED: Jan 3, 2014

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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 9 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.


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