bankrupcty and life insurance policy

[Justme17]

What is the name of your state? New York

My father's ex-wife recently filed bankruptcy. My father passed away three weeks ago and named her beneficiary of his life insurance policy. We did not tell her she was his beneficiary yet. What will happen to the money owed to her in the insurance policy? Will she be free and clear or will the money go to those she is in debt to?
Also, is was stated she claimed bankruptcy for 5600.00. Is that possible when she makes well over 40,000 a year?

 

[Ladynred]

If she collects any inheritance within 6 months of her filing date, she is REQUIRED to report it to the Trustee in her BK case. The Trustee will likely take it all to pay her creditors.

There are no minimum amounts of debt to file for bankruptcy, but if that's ALL she filed on, its like swatting a mosquito with a sledge hammer !

 

[tanzinite40]

tanzinite40

virginia
We are in a similar situation, and ladynred is correct, they will take up to
the original amount claimed, the rest she will be able to keep. Good luck.