The West Virginia bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in West Virginia. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in West Virginia you may also use certain federal exemptions in addition to your West Virginia exemptions.
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) |
For more information on filing bankruptcy in West Virginia explore West Virginia Bankruptcy Law.
