My 341 is on 11/15 when can i get a loan against my life insurance.

[stopthebleeding]

It is a whole life or universal with a cash value if the 341 ges well can i get the cash surrender after. I need the money.

[HHM]

Are you fling ProSe or with an Attorney.

Since the policy is a whole life with cash value, it is an asset of the BK estate and therefore would need an exemption. Most life insurance policies are exempt in some way.

Assuming the policy is exempt, yes you can take the loan. (as a practical, whether you should or not, is another question...you should really exhaust other options before taking the loan).

[stopthebleeding]

With an attorney but after the 341 will they care or do I need to ask for an exemption or just wait until i am in the clear to get the cash value. The way I see it i paid it and I am not so much borrowing as getting my own money. i am not sure exactly how it works but it has a cash surrender value of 900 dollars.

[SinkingFast]

Look on Schedule C and see if your attny Exempted the cash value.

Our life insurance was listed there. Your's should be too.

[HHM]

You are correct stopthe, the loan on life insurance is not a "real" loan and that really isn't the issue. The issue is whether the value of the life insurance policy has been properly exempted in your petition.

But yes, you can take out that money.

[demismom]

As long as it is exempted, it is yours. We were told (when we had a whole life policy), that if you never pay back the "loan" it just comes out of the proceeds of the policy.