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Sale Of A Life Insurance Policy (Viatical, Life And Senior Settlements)

If You Are In Or Are Considering Filing For Bankruptcy

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If you're in bankruptcy, or are considering filing for bankruptcy, it is advisable not to sell your life insurance.

An insurance policy is generally not counted as an asset in a bankruptcy proceeding. (If a policy has a cash value, the cash value may be considered to be an asset.)

Any cash that you receive as a result of selling a policy is considered an asset available to your creditors. Thus a sale during a bankruptcy proceeding or just prior to bankruptcy could potentially leave you with nothing. Consider speaking to your attorney if this is your situation.

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