Unclear on surrender

[Aloha]

What is the name of your state?What is the name of your state? NY

The trustee said we must surrender our life insurance. I left without thinking to ask what exactly did he wants surrendered. Does he want the surrender value of the policies in a check? Made out payable to the bankruptcy court? OR does he mean for us to give him the hard copy of the life insurance policies? Thanks much. I'm at my wits end and on the verge of a breakdown.

 

[Ladynred]

Do you have a lawyer ??
If not, have you tried calling the Trustee's office for clarification ??
What is the cash value of life insurance policy ?
Did you use the homestead exemption to protect a home ? Did you use all of it ?
Did you use up all of your personal property exemptions ??

According to this, some portion of an insurance policy may be exempted:

n addition, a judgment debtor may also be entitled to exemption, to the extent allowed under the statute,

* Annuity contract benefits, $5,000;
* Bodily injury payments, $7,500;
* certain portions of income, trust, security deposits, insurance policy, New York state college choice tuition savings program trust funds, award in a matrimonial action, and retirement plan funds. (Chptr. 8, Art. 52, Sec. 5205, New York Consolidated Laws.)