If I file bankruptcy, can the court take the life insurance payout I received upon my husband’s death?

Get Legal Help Today

 Secured with SHA-256 Encryption

If I file bankruptcy, can the court take the life insurance payout I received upon my husband’s death?

I was employed at the time he died but had to quit due to grief/illness. So I will now have to use the money to support myself. All debts are in my name solely.

Asked on July 12, 2012 under Bankruptcy Law, Ohio

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 8 years ago | Contributor

Your question is state specific.  The protection afforded to by the proceeds of a life insurance policy are usually determined by the exemptions granted under your state's legislative policies.  Some states follow the federal guidelines.  You would really need to speak to an attorney in Ohio who can properly advise you.  In Illinois, the proceeds would be partially exempt (protected)


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