After you have decided to seek relief under the bankruptcy act, determined your eligibility, and completed your credit counseling course, you will need to determine which property is exempt from inclusion as an asset subject to seizure. You may typically list the following on the exemption schedules that are submitted with your petition for bankruptcy. *Note that value is determined by current actual value, not what you originally paid for it. Depreciation of value can be significant.
Keep Your House, Vehicle, and Business
Most filers are able to work out an arrangement to keep their home and vehicle, as well as a wide range of additional assets and income necessary for support. In most cases, you can keep the following items in your possession despite the bankruptcy filing:
House (Your personal homestead residence and property valued at up to $25,000) or a Burial Plot
Business Property (Partnership)
Motor Vehicle (valued at up to $2,400)
Income and Other Exempt Assets
When you file your bankruptcy schedules, it is important to list all exemptions eligible for protection from seizure. The following sources of income and other assets are allowed to be claimed as exemptions under West Virginia laws. Generally, this means you can keep them safely in your possession. In addition, you may be able to claim certain federal bankruptcy exemptions. If you are married, you and your spouse may also be able to enjoy double exemptions. Isner Law Office can help ensure that you do not miss out on claiming any eligible exemptions as the laws frequently change.
Health & Disability Benefits
Fraternal Society Benefits
Public Employee & Teacher Pensions
Personal Injury & Wrongful Death Settlements
General Assistance and Aid to the Blind, Disabled, and Aged
Crime Victim Compensation
Wages Earned, As Yet Unreceived (generally 80%, but can vary by income, per judge)
Jewelry (up to $1,000)
Crops, animals, clothing, books, appliances, household items, furniture, and musical instruments (valued at up to $8,000 in total)
Trade Tools (up to $1,500)
In addition, several other items can be listed as protected assets, including your choice of $800 worth of property and, if applicable, the unused portions of the available homestead/burial plot exemption.
If you are considering filing for bankruptcy under Chapter 7 or 13 in West Virginia, contact Isner Law Office. Our team can help ensure that you are able to get the most benefit as you begin again with a fresh slate. Call Isner Law Office at: 304-636-7681.