I filed joint bankruptcy with my husband(passed away 2 days ago }and there were 2 policies ,one group with my employer and one private,each in the amount of $20,000.00.we are in the state of Virginia.Can this money be taken and given to the bankruptcy courts,we have had our creditors meeting,filing was Dec.23,2012
State/Country relating to question: Virginia
Got answer from "just ask",but my attorney is saying Iwill have to give up the private policy.That is the amount of $20,000.00.My mother called her attorney and he says he did'nt think her attorney knew what he was talking about or did not know.Can you please tell me .My mother ask you the question before my husband death,and it said Virginia was exempt. I am waiting for your respond. Thank you kindly.
First I would like to offer my condolences on the loss of your husband. I am sure this is a very difficult time for you.
I am checking the statute for you.
These were life insurance policies?
In Virginia, life insurance proceeds are exempt (protected) from the Bankruptcy estate. This means the Bankruptcy court cannot take your life insurance money.
they both were ,but 1 group 1 private
This is pursuant to Virginia Stat. 38.2-3122.
would that make a difference
This applies to all life insurance - group and private.
on private and group
No - it does not make a difference whether the insurance is group or private.
thank yo ,as you have always had my mothers trust now mine thanks again
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