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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am in Chap 13. My plan payment has been fixed and the meeting

Customer Question

I am in Chap 13. My plan payment has been fixed and the meeting of creditors has taken place. Before filing in May 2009 I took out a $12000 loan on my whole life policy which has a cash value of $12000. The loan is a 5 year loan with quarterly payments of $750 to repay the principal. these payments then increase the actual cash value of the policy as I make each payment. Can the creditors seize this cash value? Also the cash value of the policy will mincrease by $850 annually. can the creditors seize that as well/ I have made 3 of 60 plan payments.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
if the chapter 13, was approved, they will not seize any of the money, if you disclosed the money to the trustee, it should not be an issue.
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