What assets can I protect in a Chapter 11 bankruptcy?

When filing for bankruptcy in West Virginia under Chapter 11, individuals can protect certain assets. These assets are known as “exempt assets” and are not subject to liquidation or seizure by the court. Examples of exempt assets in Chapter 11 bankruptcy include: • Necessary clothing, including jewelry and other items up to a total value of $2,000. • Personal items, such as books and tools, up to a total value of $2,000. • Retirement accounts, such as pensions or IRAs. • Equity in a primary residence, up to a total value of $125,000 for a single debtor or $250,000 for a joint filing. • Equity in a motor vehicle, up to a total value of $1,050. • Health aids, including motorized wheelchairs. • Tools of the trade, such as equipment necessary for one’s profession, up to a total value of $4,000. • Alimony and child support payments. • Social security and unemployment benefits as long as they are not converted to cash. • Public benefits, such as welfare payments and food stamps. Although filing for Chapter 11 bankruptcy in West Virginia allows individuals to protect certain assets, debtors must still pay off any existing debts. Depending on the specifics of each individual’s case, the court may require a reorganization of debts and/or the liquidation of any non-exempt assets. This information is discussed in more detail in the West Virginia Code Chapter 11.

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