Insurance Dividends.

[JustOverBroke]

I had talked to my life insurance company the other day to inquire about redeeming my policy at some point in time post bankruptcy.

The agent told me that I didn't have to do that as my policy is very old (has been in place for 27 years) and I could receive a dividend payment when I chose of about $2000.00 so my question is this If I take this payout post 341 is there going to be a problem?

I'm not selling the policy and I'm not borrowing against the policy it would be a one time payment.

Will this cause me any problems if I take payment after the 341 is complete?

[LuciluS]

Our paperwork we received from our BK Attorney states we have to listed all insurance policies and their values. Were you required to do this? as is sounds like you have a whole life insurance policy. Dh and I have accidential death insurance policies only. My ex quit paying mine & I forgot about it when I left him.

I think after you get past your 341 where the Trustee ask if anything has changed since filing your BK petition & he doesn't question you about the policy, you would be okay to receive the addt'l monies. I would wait and mail the request for the monies after the Trustee declares your BK petition a No Asset, just to be on the safe side.

Bumping this up, so if my info is incorrect, someone will post

[JustOverBroke]

I was under the impression that once you get beyond the 341 and the trustee declares you a no asset and moves on to the next guy/lady I would think there is nothing left to be looked at and just sit back and wait out the 60 days.

I'm just really stressed out not having a small emergency fund close by for just in case.

My little emergency fund I had was cleaned out by my lovely Lawyer who charged me an extra $504.00 to do a means test and a blown transmission line on my truck.

Thanks Luci for you're input.

[JustOverBroke]

Bumping up I'm hoping others will chime in on this.