That’s Life: A Reply To An Unnamed Bankruptcy Judge

By: John Gustafson, Chapter 13 Trustee for the Northern District of Ohio, Western Division

During the “Recent Developments” session at the NACTT seminar in New York City, a certain presenter who is sitting bankruptcy judge (and who shall remain nameless) was critical of Chapter 13 trustees following the Bankruptcy Code provisions relating to life insurance.  Specifically, the issue that distressed said un-named jurist was the distinction between term life insurance and “whole life” policies – term insurance being an allowable expense deduction while “whole life” policies are not deductible.

A.        What Does The Bankruptcy Code Say About Life . . .

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