Quantcast
Home / Opinion Digests / Bankruptcy / Bankruptcy – Exemptions – ‘Liquid Asset’ – Life Insurance – Cash Surrender Value (access required)

Bankruptcy – Exemptions – ‘Liquid Asset’ – Life Insurance – Cash Surrender Value (access required)

In re Wilde The cash surrender value of a life insurance policy is not a “liquid asset”; therefore, the debtor cannot claim the cash surrender value of his life insurance policy as an exemption under S.C. Code Ann. § 15-41-30(A)(5). The trustee’s objection is sustained, and the debtor’s claimed exemption is disallowed. Black’s Law Dictionary defines a “liquid asset” as “an asset that is readily convertible into cash, such as a marketable security, a note, or an account receivable.”

Leave a Reply

Your email address will not be published. Required fields are marked *

*