Bankruptcy

West Virginia Bankruptcy Exemptions

West Virginia bankruptcy exemptions are mandatory, which means there is no option to replace the same with federal set of exemptions. However, like in any other state, you are allowed to use the federal supplemental exemptions in conjunction with the state-specified exemptions.

Wildcard

You can exempt any property up to $800 in the wild category. Besides that, you are also allowed to use any unused portion of burial or homestead exemption.

Wages

The exemptions for wages must not be less than thirty times of the minimum hourly wage as set under the federal laws. The maximum limit is subject to court judgment. Debtors with very low income are likely to qualify for higher exemptions.

Tools Of Trade

Up to $1,500 in tools of trade, including books and implements

Public benefits

West Virginia bankruptcy exemptions can be availed for certain types of public benefits that include Workers’ compensation, Veterans’ benefits (as much as is needed for comfortable support), Unemployment compensation, Social Security benefits (as much as is needed reasonably for support), Crime victims’ compensation (up to what is needed for comfortable maintenance), general assistance benefits, and aid to disabled, aged, and blind.

Personal Properties

- Wrongful death recoveries up to an extent that is needed for support, but you can qualify for this specific exemption if you depended on the person the recoveries are meant for.
- 100% of savings plan payments and tuition trust fund for prepaid higher education
- Up to $15,000 in Personal injury recoveries
- Up to $2,400 of equity value in motor vehicles
- Lost earnings payments up to an amount that is needed for support
- Up to $1,000 in jewelry
- West Virginia bankruptcy exemptions also allow to keep all of medically prescribed health aids
- You can also exempt up to $25,000 in burial plot, but in that case, you will not be able to use homestead exemptions
- Up to $8000 in aggregate total (and up to $400 per item) in musical instruments, furnishings, household goods, books, appliances, clothing, crops, and animals

Retirement Savings And Pensions

Public employees pensions, teachers pensions, IRAs, and other ERISA-qualified benefits are exemptible in full in this category.

Miscellaneous

In the miscellaneous category, you can exempt 100% of any property that is being used in a partnership firm. Besides that, you are also allowed to keep child support and alimony payments up to an amount that is reasonably needed for support.

Insurance

The following are the provisions for West Virginia bankruptcy exemptions when it comes to exempting insurance benefits.

- Un-matured life insurance contract (excluding credit insurance policies)
- Up to $8,000 of loan value or accrued interest/ dividend in Un-matured life insurance contract provided the contract is owned by you or someone you are dependent on.
- Life insurance payments provided you are dependent on the person who the policy belonged to.
- 100% of disability or health benefits
- Group life insurance proceeds or policy
- Fraternal benefit society benefits

Homestead

- Up to $25,000 of equity value in any personal or real property that you are using for residential purposes.
- Married couple may qualify for double exemptions

In order to get a more detailed and accurate description on what types of West Virginia bankruptcy exemptions apply in your specific case, you should consider consulting with a qualified West Virginia bankruptcy attorney.


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