What happens to my heirloom after bankruptcy in West Virginia?
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Most people use the W. Va. Code § 38-10-4 (e) exemption to cover their heirloom in West Virginia Chapter 7 bankruptcy cases.
West Virginia does not allow the use of federal exemptions. You will have to use the state exemption scheme.
Under that scheme, most people use W. Va. Code § 38-10-4 (e) to exempt heirloom in West Virginia bankruptcy cases.
W. Va. Code § 38-10-4 (e) is a wildcard exemption, meaning it can be used to cover a wide range of assets. For single debtors filing, it has a coverage limit of $25,800. If your assets go over this limit, they may be able to be seized by a trustee.
Here is a list of some statutes available in West Virginia that are available for filers.
It is worth taking your time on these exemptions. If you do not cover an asset with an exemption in a West Virginia bankruptcy case, it may be seized by a trustee. If you do not feel comfortable with these decisions and want assistance, read more about exemptions or consider using our free bankruptcy help.
When filing Chapter 7 or Chapter 13 bankruptcy you must report your assets. Exemptions are the laws that allow you to protect those assets from being taken by a Trustee. Take your time with this so you avoid losing property.