Kirk Adams : Hi - that is for requesting me. I'll be glad to assist.
Kirk Adams : I've got to take a call and then I'll respond - probably 20 minutes. I hope that's ok.
Kirk Adams : Sorry for the delay.
Kirk Adams : There are some exemptions availble for life insurance under California law, which I'm sure were employed in the transaction, but here's a link that outlines those exemptions: http://www.thebankruptcysite.org/exemptions/california.html
Kirk Adams : As for how things work going forward, since chapter assets are determined as of the date of filing, so the cash value as of that day should be the only thing the trustee would be able to attach because any value accrued after the filing should not be considered an asset of the estate.
Kirk Adams : However, it would likely be bet to have your insurer issue a new policy to prevent any claims of the trustee to the new policy.
insurer issue a new policy - possible to do that?
Kirk Adams : That would be the safest thing to do.
Kirk Adams : Hi - I had the accept feature disabled so I could make sure your question was fully answered before you accepted the question.
Kirk Adams : I just received a notice that you attempted to rate/accept the question, but couldn't because of the feature being activated.
Kirk Adams : I have now enabled the accept feature, so you can rate my answer.
Kirk Adams : Sorry for any confusion, and thanks for allowing me to assist.