West Virginia, WV Bankruptcy Exemptions

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West Virginia, WV Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to West Virginia, WV Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

West Virginia, WV Bankruptcy Exemptions

All law references are to West Virginia, WV Bankrutcy Code.

ASSET

EXEMPTION DESCRIPTION

LAW SECTION

Homestead	Real or personal property used as residence to $25,000; unused portion of homestead may be applied to any property	38-10-4(a)
Insurance	Fraternal benefit society benefits Group life insurance policy or proceeds Health or disability benefits Life insurance payments from policy for person you depended on, needed for support Unmatured life insurance contract, except credit insurance policy Unmatured life insurance contract’s accrued dividend, interest or loan value to $8,000, if debtor owns contract & insured is either debtor or a person on whom debtor is dependent	33-23-21 33-6-28 38-10-4(j) (3) 38-10-4(k) (3) 38-10-4(g) 38-10-4(h)
Miscellaneous	Alimony, child support needed for support Property of business partnership	38-10-4(j) (4) 47-8A-25
Pensions	ERISA-qualified benefits needed for support Public employees Teachers	38-10-4(j) (5) 5-10-46 18-7A-30
Personal Property	Animals, crops, clothing, appliances, books, household goods, furnishings, musical instruments to $400 per item, $8,000 total Burial plot to $15,000 in lieu of homestead Health aids Jewelry to $1,000 Lost earnings payments needed for support Motor vehicle to $2,400 Personal injury recoveries to $15,000 (not to include pain and suffering) Wrongful death recoveries needed for support, for person you depended on	38-10-4( c) 38-10-4(a) 38-10-4(I) 38-10-4(d) 38-10-4(k) (5) 38-10-4(b) 38-10-4(k) (4) 38-10-4(k) (2)
Public Benefits	Aid to blind, aged, disabled, general assistance Crime victims’ compensation Social security Unemployment compensation Veterans’ benefits Workers’ compensation	9-5-1 14-2A-24, 38-10-4(k) (1) 38-10-4(j) (1) 38-10-4(j) (1) 38-10-4(j) (2) 23-4-18
Tools of Trade	Implements, books & tools of trade to $1,500	38-10-4(f)
Wages	80% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors	38-5A-3
Wild Card	$800 of any property Unused portion of homestead or burial exemption, of any property	38-10-4(e) 38-10-4(e)

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