Can I cash in a life insurance policy to pay an attorney for a Chapter 7 bankruptcy?
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Can I cash in a life insurance policy to pay an attorney for a Chapter 7 bankruptcy?
Asked on January 3, 2014 under Bankruptcy Law, Ohio
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 10 years ago | Contributor
The easy answer is yes. You will have to account for the disposition of any excess fund from the cash value and your attorney must make a disclosure on the Rule 3016 form which is filed with the case which discloses the source of his or her payment.
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