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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2670
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I am an insurance agent and I am in need to filing BK. Can

Customer Question

I am an insurance agent and I am in need to filing BK. Can the trustee force me to liquidate my insurance contract in California?
Submitted: 8 years ago via Nolo Press.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 8 years ago.
I'm not sure what you mean by "insurance contract." Are you talking about a personal life insurance policy? Are you talking about some type of business contract dealing with the sale of insurance (you mentioned that you are an insurance agent)? I presume you mean something akin to the former, but I'd like clarification just in case I'm way off base.

Thanks!
Customer: replied 8 years ago.

I AM AN APPOINTED AGENT. YES, I AM TALKING ABOUT MY AGENCY CONTRACT. THANK YOU

Expert:  TJ, Esq. replied 8 years ago.

I see. Can you describe the agency contract in more detail? I need some detailed info to help determine whether it is truly an asset. You mention liquidating it, which leads me to believe that it is indeed an asset that can become part of your bankruptcy estate, but I’m just taking guesses at this point.

The botXXXXX XXXXXne is that all of your legal and equitable interests will become part of the estate.