Q: My mother has recently filed chapter 7. She has paid on a life insurance policy covering my father,
And he has more recently passed. She is listed as primary and I am listed as contingent beneficiary. Is there any way I can fight to keep the proceeds of the policy from becoming property of her bankruptcy estate? We have located a spendthrift clause within the insurance policy but are unsure of whether it is even applicable within the state of Illinois.
A: You need to have an attorney RE ire the policy, probably her bankruptcy attorney. You may be able to exempt some or all of the policy.
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