What types of assets can be protected in Chapter 7 Bankruptcy?

In West Virginia, Chapter 7 Bankruptcy Law allows individuals to discharge most of their unsecured debts with certain assets being kept by the person filing for bankruptcy. These assets, which can be protected in Chapter 7 Bankruptcy, are referred to as exempt property. In West Virginia, the exemptions available to individuals filing for bankruptcy are mainly listed in in Chapter 38 of the State Code. For individuals filing for Chapter 7 Bankruptcy in West Virginia, some of the assets that can be protected include: • Home Equity: Up to $5,000 of equity is available to individuals filing for bankruptcy and no more than $25,000 for married couples • Personal Property: Up to $1,500 of personal property, excluding certain items such as jewelry, can be protected • Vehicles: One vehicle with a value of up to $2,400 is exempt • Retirement Accounts: Accounts such as 401(k)s and IRAs are exempted up to a certain limit • Public Benefits: These benefits such as Social Security, disability, and veterans’ benefits are exempt • Miscellaneous Personal Property: Certain items such as wedding rings, family portraits, and tools of the trade are protected under the bankruptcy law. In addition to these items, an individual filing for bankruptcy can also protect certain insurance policies, utility deposits, unpaid wages, and public assistance. Please note that all bankruptcy exemptions are subject to change, and it is important to consult with a knowledgeable bankruptcy attorney to understand the current laws and how they apply to your individual situation.

Related FAQs

What is Chapter 7 Bankruptcy Law?
Will the trustee contact my creditors during the Chapter 7 Bankruptcy process?
What type of property can I keep after filing for Chapter 7 Bankruptcy?
What happens to any debts that are not discharged in Chapter 7 Bankruptcy?
What is a reaffirmation agreement and how does it work in Chapter 7 Bankruptcy?
Are state and federal tax obligations dischargeable in Chapter 7 Bankruptcy?
What is a nondischargeable debt?
How do I stop creditors from harassing me after filing for Chapter 7 Bankruptcy?
Can Chapter 7 Bankruptcy relieve me from child support obligations?
What is a reaffirmation agreement?

What types of assets can be protected in Chapter 7 Bankruptcy?

Related FAQs

Related Blog Posts