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WALLSTREETESQ
WALLSTREETESQ, Attorney
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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What is the heading used for Life insurance on schedule C--

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What is the heading used for Life insurance on schedule C-- for example for Jewelry the heading used to categorized it is "Furs and Jewelry" or for personal clothing "Wearing Apparel" ?

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

This is a common situation, you would list these as life insurance policies but you should be detailed, There are two primary types of life insurance: term life and whole life. There are many ways these can be structured, e.g. as a universal policy, but for our purposes we will look at the simplified term life insurance and whole life insurance policies.

WALLSTREETESQ :

A term life insurance policy does not mature until someone’s death. As a result, when you file bankruptcy your term life insurance policy, or a policy that you are the beneficiary of, does not have any value until someone’s death.

WALLSTREETESQ :

You would look at your state exemptions,

WALLSTREETESQ :

and use the exemption for life insurance proceeds as well,

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