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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 19653
Experience:  B.A.; M.B.A.; J.D.
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We have a $70,000 life insurance policy on my husband. It has

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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.
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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

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