lifeinsurance

Filing for bankruptcy is usually person’s worst nightmare, but when it comes to protecting your assets, information is key. A life insurance policy is considered valuable property, which means creditors may attempt to “acquire an interest in the policy’s values,” but all states and the federal government have “enacted legislation providing protections for life insurance against the claims of creditors,”,., a professor with The American College. Here’s some basics you should know when it comes to bankruptcy and how it affects your life insurance policy. First, more people file for bankruptcy than you power imagine. With the latest economic downturn and mounting bills, the current bankruptcy-filing rate is at a 5-year high, according to recent data released by Court Electronic Records What’s more, the American Journal of Medicine reported that more than 1.5 million people filed bankruptcy last year, 60 percent of those filings were the direct result of medical bills. The American Journal of Medicine, for example, found that 1 in 25 people in the Bay Area have filed for bankruptcy last year, says bankruptcy attorney, Jenna Cho of San Francisco-based JC Law Group.”It’s like the dirty little secret,” Cho says.
Cho says one of the worst things someone can do is close a business their assets and start borrowing money from their life insurance and retirement funds, which are almost always protected in bankruptcy.Want to know more about lifeinsurance please visit the website lifeinsurancerates.com.