West Virginia Bankruptcy Laws

The process of going through bankruptcy is protected through state and federal laws. These laws are not the same in every state and can be somewhat complicated. Prior to making a decision about bankruptcy, be sure you have all the information about how the laws in your state will affect you. Find answers by speaking with a local bankruptcy lawyer. When you fill out the free form below, you can get a free case evaluation with an attorney in your area.

If you find yourself in the midst of a credit crisis, you may be considering filing for bankruptcy. West Virginia bankruptcy laws give you some guidelines about the process. Learn what you can about exemptions and the different filing statuses before you apply for bankruptcy protection.

West Virginia Bankruptcy Exemptions

West Virginia bankruptcy laws outline the items that you can keep if you file for bankruptcy. These items are known as exemptions and are as follows:

  • Up to $25,000 for your homestead
  • Public employees retirement benefits
  • Public welfare programs
  • Unemployment and workmen’s compensation
  • Life and group life insurance proceeds
  • Up to $2,400 for your vehicle
  • Unripe crops, except Indian corn
  • 80 percent of unpaid wages
  • Up to $1,000 in personal property for head of household
  • $50 for mechanic’s or artisan’s tools
  • Up to $8,000 for household furnishings, household goods, clothing, appliances, books, animals, crops, and musical instruments, not exceeding $400 per item
  • Up to $1,000 in jewelry
  • Up to $800 for personal property
  • Any unused homestead exemption in personal property
  • Up to $1,500 for tools of the trade
  • Prescription health aids
  • Life insurance contract
  • Crime victim’s award
  • Wrongful death awards if necessary for support
  • Public benefits or assistance
  • Alimony or other support payments
  • Up t $15,000 in personal injury awards
  • Prepaid tuition payments
  • Compensation for loss of future earnings necessary for support

If you wish to keep your car under current bankruptcy laws, but you still have a lien on it, you will need to reaffirm the debt with your creditors. This must occur within 45 days of your 341 meeting.

West Virginia Chapter 7 Bankruptcy Law

To wipe out your debts through the bankruptcy process, you may need to file Chapter 7 bankruptcy. This form of bankruptcy is only offered to those who can pass a means test, which compares your income to that of others in the state. If you make at or below the median level, you can typically declare Chapter 7 bankruptcy.

West Virginia Chapter 13 Bankruptcy Law

Chapter 13 bankruptcy requires you to enter into a repayment agreement that restructures your debts so you can attempt to pay them back within three to five years. You may still be able to wipe out some debts after this period, but this gives you the ability to find a way to repay them realistically.

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