Hi all, I really need an answer to this question, and I cant seem to get help right now. To make it short....I filed chapter 7, 341 meeting was on 6/17. I had to include my life insurance loan on my list of creditors. I would like to pay it back someday to put the value back into the policy. What I need to know is that if the loan is discharged in BK, can the insurance company consider this INCOME for 2004? I called my lawyer to ask if I can speak to the insurance company, and she advised me not to, because this could be considered favoritisms to a creditor. She advised me to wait until after discharge. I assume that if I sign a reaffirmation agreement after my debts are discharged I would be fine. Thanks. Mike
1*I had to include my life insurance loan on my list of creditors 2*. I would like to pay it back someday to put the value back into the policy. 3*What I need to know is that if the loan is discharged in BK, can the insurance company consider this INCOME for 2004 4* I assume that if I sign a reaffirmation agreement after my debts are discharged I would be fine. 5* MikeD ************************************** 1*Why - Whose money did you borrow? There was no reason to include this in Bk. wasn't required because there is no obligation to pay it back. 2*Actually there is little or no value in these policies and the longer you own it the more worthless it becomes. You should get the right type insurance and cash this white elephant in after you become insured under the correct policy. 3*Peoceeds from the cash value is not income. 4*I wouldn't reaffirm anything - just get it removed from the BK. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ NEW MEMBERS READ THIS. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ************************************************************
NEW MEMBERS READ THIS. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ************************************************************ I called my lawyer to ask if I can speak to the insurance company, and she advised me not to, because this could be considered favoritisms to a creditor. MikeD ============= What creditor? Actually you're the creditor. You're just paying the insurance company interest on your own money.
