West Virginia Bankruptcy Laws
Exemptions in West Virginia are determined only by the state regulations, but the federal supplemental exemptions can be used along with them. Generally, a Chapter 7 bankruptcy in West Virginia will leave the following:
Homestead |
Up to $25,000 |
Wages |
Up to 80% earned but unpaid |
Personal Property |
Household goods including animals and clothing at $400/item up to $8,000, jewelry to $1,000, motor vehicle to $2,400 and any personal injury recoveries to $15,000 |
Pensions |
ERISA-qualified, public employee’s |
Public Benefits |
Crime victims, worker’s compensation, unemployment, veteran’s, social security, disabled general assistance |
Tools of the Trade |
Any single trade equipment items up to $1,500 |
Insurance |
Full group/cooperative insurance, Non-matured life |
Miscellaneous |
Burial plots to $15,000, health aids, child support and alimony, $800 any personal property and any unused homestead or burial plot value |
To file a petition for bankruptcy to the bankruptcy court, the debtor must first inventory all of their possessions. For those attempting Chapter 7 bankruptcy this is a vital step for two reasons. First, a “means test” must first be passed to determine whether that form of bankruptcy is available to them. Second, any inventory problems could be considered bankruptcy fraud. However, if the response, which usually comes in 20 to 40 days, is positive, all creditors will be notified and a meeting will be scheduled. This is called the “341 meeting” which is especially crucial for those filing Chapter 13, because it is where their repayment plan will be arranged through collaboration with a bankruptcy trustee and the creditors.
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