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.
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
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.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.