West Virginia bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. West Virginia bankruptcy district courts are located in six places under two group regions – West Virginia Northern District Court and West Virginia Southern District Court.
Properties Exemptions Under The West Virginia Bankruptcy Laws
As per the West Virginia bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the West Virginia bankruptcy district courts.
•Homestead Exemptions include all types of real properties. Besides that, you are also allowed to exempt any personal property that you have used as residence. The maximum amount exemptible in this regard is twenty-five thousand dollars in total value.
•Insurance Exemptions include immature life insurance contract, health or disability benefits, group life insurance policy or proceeds, and fraternal benefit society benefits.
•Personal properties exemptions include books, clothing, furnishing, and home appliances. The maximum combined exemptible amount in this regard is eight thousand dollars, in total.
•The West Virginia bankruptcy laws also allow you to exempt Burial plot up to fifteen thousand dollars, but such exemptions are allowed only in lieu of homestead.
•The upper limit for jewelry exemptions is one thousand dollars.
•Motor vehicle exemptions are allowed up to 2400 dollars.
•Personal injury recoveries have also been included in personal properties exemptions. The maximum amount exemptible in this regard is fifteen thousand dollars.
•Pension funds are also allowed for exemption, under the West Virginia bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Teachers
◦Public employees
◦Individuals with ERISA-qualified benefits needed for support
•Implements, books, and tools of trade are also exemptible up to fifteen dollars in total value.
•As per the West Virginia bankruptcy laws, the Wild Card exemptions include any property up to eight hundred dollars.