Kentucky | Bankruptcy
11/08/09, 3:15 pm
Legal Question
In order to receive a SBA loan for a business in Michigan (which later failed ) we had to assign a portion of our life insurance policy to xxxx bank. We also had to add them to our home and our condo in FL. Long story short we had to file bankruptcy. House and condo were lost back to the banks. We have been told that xxxx will not be able to be taken off our life policy as it is secured. I was under the impression that the debt was discharged. Can they do this? Also is interest compounding on this supposedly government backed loan? Can I cancel the policy? It expires 2016 as it is a term policy.
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Read More Answered By: Gregory Napier |
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