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Usually the worst nightmare of filing for bankrupty

, but when it omes to proteting your assets (inluding the value of your life insurane poliy), information is key.

A life insurane hiago poliy is onsidered a valuable property, whih means the reditors an seek to "obtain the values of interest poliy," but all the states and the federal government "enated legislation providing for protetion against laims of reditors of insurane for life," said Glenn E. Stevik, assoiate professor with the ollege.

Here are some basis you should know, when it omes to bankrupty, and how it affets your life insurane poliy.

First, more people file for bankrupty than you an imagine the last reession and mounting bills, the bankrupty-filing rate in the 5-year high, aording to reent data published by Automated Aess to ourt Eletroni Reords (AAER). Moreover, Amerian Journal of Mediine reports that more than 1.5 million people apply for bankrupty last year, 60 perent of these filings were the diret result of medial bills.

Amerian Journal of Mediine, for example, found that 1 in 25 people have filed bankrupty in the Bay Area last year, says bankrupty lawyer, Jeena ho San Franiso-based J Law Group.

"It's a dirty little seret," says ho. "The two things that we do not talk about death and money: When people start talking about their finanial issues, find out, there are many people in that same boat."

There are two types of bankrupty for individuals: hapter 7 hapter 13.

hapter 13, where you an spend your risk for loss of assets and property, but you must repay some debts over three to five years: If your ash value life insurane poliies worth more than the exemption in your state. then onsider filing hapter 13 to protet your assets, ho offers.

If you take a test and an be applied to hapter 7, you must remove your property and assets, whih typially lasts four months. It also means your life insurane hiago illinois poliy may be affeted.

ho "" who is one of the worst things we an do to remove their assets and borrowing money to start their life insurane and pension funds, whih are almost always proteted in bankrupty.

"People started taking it, what little money to see if they an get out of debt to pay for it," says ho. "I see people in their pension fund flow of $ 40,000 to $ 100,000 in redit ard debt: They are beginning to sell their homes without a ar and exit strategy: The game plan is to keep as muh as possible."

In addition, make sure you dislose everything, inluding urrent, aurate monetary value on your life insurane poliy. Some people do not, "beause they are afraid to lose it and it failed to dislose that the real value," says David Leibowitz, a bankrupty lawyer for Lakelaw hiago, Ill.

Separate state and federal bankrupty law, filing for bankrupty may hoose to release federal or state law, but not both. Explains Stevik, 34 states, inluding Illinois, New York, alifornia and Florida have "seleted out" of federal law and induted their protetion.

by: Dave Williams

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