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TAMPA, FL, May 27, 2014 /24-7PressRelease/ -- The Tampa bankruptcy lawyers at Clark & Washington know that a life insurance policy can be very important to you and your family. It can be a terrifying prospect if you believe you might lose that valuable life insurance policy in addition to filing for bankruptcy. Fortunately, it is unlikely that you will lose your life insurance in the process of filing for personal bankruptcy.
Certain types of assets are exempt from inclusion when you file for bankruptcy, and life insurance is typically included in these exemptions. The court will look over your life insurance policy to determine whether it is an excessive amount.
The primary risk to your life insurance is if the cash balance is deemed excessive by the courts. However, you must be certain to include it among your exempted assets for it to stay safe and for your case to proceed. If you fail to claim your life insurance, especially the available cash balance on a whole life policy, your creditors may claim it or the courts may opt to dismiss your case.
Because it can be difficult to navigate the difficult waters of bankruptcy law, it is always best to have a skilled attorney on your side. The personal bankruptcy experts at Clark & Washington can help you through the complexities of the US Bankruptcy Code to keep valuable assets, such as your life insurance, safe through the process of filing.
Clark & Washington offers free consultations to any Tampa resident considering personal bankruptcy. Schedule your free consultation at http://www.cw13fl.com.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.cw13fl.com.
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