I live in VA and my husband and I are planning to file for bankruptcy. I have a very small life insurance policy ($10,000) just so there will be enough to cover only my funeral expenses when I die. The amount I would recieve to cash it in is only about $400-$500. When we file for bankruptcy however, will I lose policy! It's the only one I have and obviously if we're filing for bankruptcy there would be no money to pay for my funeral expenses right now either if I died. I really want to keep this policy! If the court would take it, then I might as well cash it before we file so I have the money myself for our bills right now.
Will I be able to keep this policy?