What assets may I keep when filing Chapter 13 Bankruptcy?

When filing Chapter 13 Bankruptcy in West Virginia, you can keep certain assets that are exempt from being liquidated. Generally, this means that you can keep any assets required to maintain your basic standard of living in order to continue working and providing for your family. Exemptions include your home, vehicle, pension, Social Security, household goods and furnishings, clothing, tools of the trade, public benefits, and more. You may also be able to keep certain nonexempt assets, such as cash, investments, or property, if you are able to pay a certain portion of the debt associated with them. It is important to note that certain assets are not exempt from being liquidated, including assets that are not necessary for your basic standard of living and assets that you purchased within certain time frames prior to filing bankruptcy. In addition, you may have to give up real estate, stocks, bonds, and other similar assets. It is important to talk to a lawyer before filing if you are unsure of what assets you will or will not be able to keep when filing Chapter 13 Bankruptcy in West Virginia. Your lawyer will be able to discuss your options with you and help you make the best decision for your situation.

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What assets may I keep when filing Chapter 13 Bankruptcy?

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