Lutherville Timonium, MD asked in Bankruptcy for Maryland

Q: I have stopped making payments - for 4 mo. on credit card & medical debt - about 15,000. in debt. If they file judgement

& I die - can they take my life insurance of 10,000. for which my son is beneficiary? He is not on any of my accounts, but would be my executor to my estate - which is worth very little.

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3 Lawyer Answers
Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: No. The life insurance passes outside the estate directly to your son as beneficiary. It is safe.

Bruce Alexander Minnick agrees with this answer

Andrellos Mitchell
Andrellos Mitchell
Answered
  • Bankruptcy Lawyer
  • Washington, DC

A: No!

Bruce Alexander Minnick agrees with this answer

Mark Oakley
Mark Oakley
Answered
  • Rockville, MD
  • Licensed in Maryland

A: Sounds like you’d qualify for a discharge in bankruptcy of all your debt. Talk to a bankruptcy lawyer about your options. No reason to live under a debt burden you cannot pay. Clean the slate and move on free and clear without the worry and stress of creditors and judgments hounding you all the time.

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