Can They Buy with Chapter13
- Thread starter luvfe
- Start date
- 4,689
She should contact her bankruptcy attorney. Don't be that guy who gives legal information.
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- #3
- 830
I seriously doubt it will be a problem for 95 percent of simplified issue final expense. Especially with A rated carriers.
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- #5
Thank you BCrane but you did not answer my question, as I guess I did not make it clear. I am not asking if it is a problem with the carriers. I am asking if it is a problem with bankruptcy trustees and bankruptcy courts where they need to ask permission, or if this is just some nonsense she misinterpreted.
- 830
Idk. I had a roommate file chapter 13 and he continued to spend all of his money on whatever he wanted. I think they just take x amount per month to pay back debts. None of the carries I use for simplified issue ask any questions about bankruptcy. She is prob full of crap.
- 2,758
I'd be willing to bet that is her smokescreen for not buying. Give her points for originality.
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- #8
I am pretty good at sniffing out b.s., and have heard even bigger b.s. stories. This one, I truly believe believes it, and I truly believe her. I am a pretty hard person to sell a line of b.s. to. But......perhaps I am flattering myself. My ego is not that big, that I can totally discount your theory.
- 18,984
I would guess that the cash value in a whole life policy is subject to reporting to her bankruptcy trustee if it's not final.
That would not preclude someone from buying. It would just be reportable. It's not going to have cash value for at least years so I would think it wouldn't still be a problem then.
Sounds like a smokescreen. Even if not, the person doesn't want to buy. Seems like a time waster.
If they are not using this as a smokescreen then sell them term and go back and revisit once everything is over on the bankruptcy.
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- #10
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