WEST VIRGINIA BANKRUPTCY LAW

West Virginia Bankruptcy: Attorneys, Statistics, Exemptions and Courts.

West Virginia Bankruptcy Statistics: In 2009, 6,660 bankruptcies were filed in West Virginia. Business bankruptcies accounted for 202 or 3.03% and personal bankruptcies accounted for 6,458 or 96.97% of the total filings.

West Virginia State Bankruptcy Exemptions

Homestead

The home ("homestead") exemption is for up to $25,000. West Virginia defines 'homestead' to include real or personal property that is used as a home. An unused portion of the homestead exemption can be used for any property.

Personal Property

The following expenses or items are exempt in their entirety in West Virginia:

1. Health aids
2. Lost earnings payments required for support
3. Prepaid higher education tuition trust fund and savings plan
4. Wrongful death damages for person on whom debtor depended

The following expenses or items are exempt up to a specified limit in West Virginia:

1. Motor vehicle limited to $2,400
2. Burial plot limited to $25,000 instead of taking homestead exemption
3. Jewelry limited to $1,000
4. Personal injury damages limited to $15,000
5. Crops, animals, expenses, books, clothing, appliances, household goods, furnishings and musical instruments-$400 per item, or $8,000 total

Pension

The following individuals' and their survivors' pension benefits are exempt when filing for bankruptcy in West Virginia:

1. Teachers
2. Public employees

The following pension types are exempt or partially exempt when filing for bankruptcy in West Virginia:

1. IRAs needed for support
2. ERISA qualified benefits

Insurance

The following insurance types are entirely or partially exempt when filing for bankruptcy in West Virginia:

1. Fraternal benefit society
2. Group life insurance policy/proceeds
3. Health or disability benefits
4. Life insurance payments from life insurance policies if you depended on the person or needed the person for support
5. Unmatured life insurance contract’s accrued interest, value, or dividend limited to $8,000 if debtor or debtor's dependent owns the life insurance (except credit insurance policy)

Public Benefits

The following public benefits are exempt when filing for bankruptcy in West Virginia:

1. Crime victims' compensation
2. Unemployment compensation
3. Workers' compensation
4. Social Security
5. Veterans
6. Help to the elderly, disabled and blind

Tools of the trade

This is a separate exemption. The following items have been considered tools of the trade in the state of West Virginia, and exempt up to $1,500:

1. Implements
2. Tools of the trade
3. Books

Wages

In West Virginia, the minimum of thirty times the weekly federal hourly minimum wage.

Miscellaneous

The following miscellaneous benefits are exempt when filing for bankruptcy in West Virginia:

1. Alimony
2. Child Support
3. Property belonging to a business partnership

Wildcard: Unused portion of the homestead or burial exemption and $800.

Federal Exemptions: No, debtors are not allowed to take federal exemptions when filing for bankruptcy in West Virginia.

West Virginia Bankruptcy Court:

United States Bankruptcy Court, Northern District of West Virginia,
United States Bankruptcy Court, Southern District of West Virginia