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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I have a whole Life insurance policy with MetLife. I am going

Resolved Question:

I have a whole Life insurance policy with MetLife. I am going to be filing bankruptcy soon. I have a $40,000 loan against this policy. Can I include this in my bankruptcy petition?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

Are you the insured or the beneficiary? If you are the insured, how much is the cash value?

Customer: replied 6 years ago.
I am the insured. It's a $100,00 whole life policy.
Expert:  cfortunato replied 6 years ago.

Is $40,000 the cash value of the policy?

Customer: replied 6 years ago.
I don't really know. I called them today and I asked if there was any money left to borrow on the policy and they said the amount left to borrow on the policy is $0.00 I hope that helps you out
Expert:  cfortunato replied 6 years ago.

When the insurance company "lent" the money to you, they actually gave you the cash value of the life insurance policy. This means if you file a Bankruptcy, you will not be able to eliminate the "loan" by having your cash value restored.

 

I think this is what you wanted to know. If not, please let me know.
Thank you!

 

 

 

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