How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask HCLegal Your Own Question
HCLegal
HCLegal, Attorney
Category: Bankruptcy Law
Satisfied Customers: 423
Experience:  I have filed over a thousand bankruptcy cases.
64148031
Type Your Bankruptcy Law Question Here...
HCLegal is online now
A new question is answered every 9 seconds

My employer has a life insurance policy that appears as income

Resolved Question:

My employer has a life insurance policy that appears as income on my paystub. How will the bankruptcy trustee view this? Will it be an asset?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  HCLegal replied 4 years ago.

HCLegal :

Hello and thank you for your question here on Just Answer.

HCLegal :

Every life insurance that I have ever seen that is provided by an employer is a Term Life Insurance product.

HCLegal :

Term Life insurance does not build a cash value and you cannot borrow against it. It has a $0 Cash Value.

HCLegal :

Therefore it is not an asset that the trustee will go after. It still needs to be listed in your schedules, but there is no value to it.

HCLegal :

Please let me know if you have any other questions or if you need clarification on any part of my answer.

HCLegal :

I hope you found my answer helpful, and if so please do not forget to click ACCEPT, this is the only way that I will get credit for assisting you– I receive no credit for helping you unless you actually press ACCEPT, even if you already have a subscription. By pressing the ACCEPT you will not be charged any more money. If you need more information, please use the REPLY button and I’d be more than happy to answer to your satisfaction. There is no fee for follow up questions before or after accepting, if we continue the conversation.


 


If you feel that I went an extra step to help you, a bonus in the form of another accept or an “add on” (available after you accept) is truly appreciated.


 


Also if you could take a minute and leave feedback that is also greatly appreciated. If you would like to ask me a question in the future you can put “For HCLegal” at the beginning of your question and I will be alerted and will answer your question the next time I am online.


 

HCLegal and other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions