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In chapters 7/13 is variable annuites and life insurance exempt from the trustee liquidation?
Optional Information: Country relating to Question: United States State (if USA): Florida Already Tried: have no earned income and have bank debt and lawsuit judgement for millions and only an insurance cash value of 1/2 million!
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*Welcome,It is my goal to deliver information in five-star manner. I am a licensed attorney but I am not your attorney. The law does not allow me to provide legal advice or form an attorney-client relationship on this public forum. If at any time the information which I provide is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.From your description, it sounds like your variable annuities and life insurance are exempt. Life insurance and annuities are both protected under Florida Statute 222.14Have I answered your question? Please rate my service to complete our conversation or click "REPLY TO EXPERT " to continue our conversation . Please rate my help in providing you with information. Please note that this rating is specific to my service and not the site or the effects of the law on your situation. Great service allows me to keep my job and is necessary in order for me to be permitted to assist other customers If I can assist you in the future, you may contact me by starting a new page and begin your new question with "For FiveStarLaw"
please re reply I am 64 have $800m in variable annuitits and life insurance with foreclosre bank judgements of several millions; have a Florida homestead with a home equity above the mortgage of about $500m and a $500m final judgement from a recent plaintiff's judgement. what is exempt and what is preferred a 7 or a 13 filing? thx
Based upon the information in your post only, a chapter 7 would be preferred. The annuities, life insurance and Florida homestead equity would typically be exempt/protected
Experience: Bankruptcy Lawyer. Experienced.
To just answer, if chapter 7 is filed, is the homestead equity forgone or is it retained at some amount? ,
I am happy to clarify – In Florida homestead equity is protected from creditor claims