Question about insurance...don't understand!!

What is the name of your state? Colorado

Hello,
I am preparing to file and am filling out the packet our lawyer gave us. In it, it asks about our life insurance policies, retirement plans and ect. I am just wondering if anyone can tell me why we ned to give that info. Is it considered an asset?

I am just curious becasue my husband has a life insurance policy that his grandma started on him a long time ago, like almost 20 years ago. I think she also started a retirement plan too. Anyway, she controls all of it, makes the payments, the statements go to her house, and ect. I don't have any idea the cash value of it, the account number on it, or anything like that. I am just wondering if it is necessary to even list it. We did borrow from it once a couple years ago and haven't paid back anything on it. His grandma is very protective of it, I guess it's kidn of her way of still feeling in control of somehting with him, and I am not even too sure we can get the info from her. So that's why I am curious to know if it's really necessary to list it and what would happen if we woudn't list it.

Thanks for any advise you can give me!!

[Ladynred]

Yes, they are considered assets, but are most likely exempt anyway.

Here are the CO exemptions:

[url]http://www.thebankruptcysite.com/exemptions/colorado.htm[/url]

Most ERISA-qualified retirement accounts are exempt anyway.

Are these things written in his name ? Do you have any idea how they are written/held ? You're probably going to have to find out from Grandma, including their values.

[JETX]

Almost answered......
The attorney is asking about ALL assets in order to be able to provide accurate, non-fraudulent filings and information. Some insurance policies and annuities have cash values that may have to be reported in your petition/filing.

If you omit something in your filing, your petition could be denied and you could even be charged with bankruptcy fraud (depending on the specifics). Further, your attorney could also have a problem if you don't at least let him know of these potential assets. Do the right thing and talk this over with him.

Thank you for the advise. Yes, they are written in his name. But the address and ect is under his grandma's name. I know that she is a benificiary (sp?) on the life insurance. My husband says that he thinks she and I both are primary benificiaries, but I think that's wrong. I remeber her thowing a fit about the insurance agent changing the benificiary after we were married, so I think she ended up being listed first and me as second. She is so protective over that, I can only imagine the fit she would throw if we asked her for info about it. We don't really want to tell anyone on that side of the family that we are filing, so we don't know what we could say to get the info from her. That's why I was hoping I could possibly not list it, but I guess we'll have to figure out a good way to get the info from her.