Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
We have a $70,000 life insurance policy on my husband. It has a cash in value of $25,000, can our creditors take that if we file bankruptcy? We've had the policy about twenty years. Response: No. The life insurance policy is an exempt asset under 735 ILCS 5 §12-1001 and 215 ILCS 5 §238