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 WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
Type Your Bankruptcy Law Question Here...
WALLSTREETESQ is online now
A new question is answered every 9 seconds

I am in Chap 13. My plan payment has been fixed and the meeting

Customer Question

I am in Chap 13. My plan payment has been fixed and the meeting of creditors has taken place. Before filing in May 2009 I took out a $12000 loan on my whole life policy which has a cash value of $12000. The loan is a 5 year loan with quarterly payments of $750 to repay the principal. these payments then increase the actual cash value of the policy as I make each payment. Can the creditors seize this cash value? Also the cash value of the policy will mincrease by $850 annually. can the creditors seize that as well/ I have made 3 of 60 plan payments.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 8 years ago.
if the chapter 13, was approved, they will not seize any of the money, if you disclosed the money to the trustee, it should not be an issue.
WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you