Are there any assets that I will not be able to keep in bankruptcy?

Yes, assets may be affected by filing for bankruptcy in West Virginia. Certain categories of assets, such as most federal and state tax refunds, are not exempt from the bankruptcy process and are not allowed to be kept when filing for bankruptcy. Other assets, such as a motor vehicle up to a certain value, may be exempt under the state exemptions, but may still be subject to liquidation in a bankruptcy case. If you are filing for Chapter 7 bankruptcy in West Virginia, you may be able to keep certain pieces of property like appliances, furniture, clothing, and tools of the trade, however, other assets may not be exempt and may be sold to repay creditors. Some assets that you may not be able to keep in bankruptcy in West Virginia include homesteads valued over a certain amount, deposits in bank accounts, annuities, IRAs, stocks, bonds, and other investments. In addition, any property that is given to you within 6 months prior to or after filing bankruptcy may also be subject to liquidation. In a Chapter 13 bankruptcy, you may be able to keep most of your assets, however, you still may have to surrender some non-exempt assets to creditors. It is important to speak to a qualified bankruptcy attorney to determine which assets may or may not be exempt in a bankruptcy filing in West Virginia.

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Are there any assets that I will not be able to keep in bankruptcy?

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