If you file for bankruptcy in West Virginia , you’ll use state exemptions (though subsection (k) of §38-10-4 may allow use of federal bankruptcy exemptions if permitted by federal law). Below is a summary of West Virginia’s key exemptions after the 2023 amendments. Always check the West Virginia Code or speak with a bankruptcy attorney for updated amounts and details.
| Exemption Type | Amount | Statute | Notes |
|---|---|---|---|
| Homestead | Up to $35,000 equity in real or personal property used as a residence. Physician debtors for medical malpractice verdicts, if carrying $1 million+ malpractice insurance, can go up to $250,000 per household. | § 38-10-4(a) | Spouses cannot double. Must be your principal residence. Possibly apply a federal “cap” if purchased 40 months ago. |
| Motor Vehicle | Up to $7,500 equity in one motor vehicle | § 38-10-4(b) | Retain equity in car, truck, or motorcycle for transportation. |
| Personal Property | Up to $800 per item for household furnishings, goods, apparel, appliances, books, animals, crops, musical instruments, not exceeding $16,000 total. | § 38-10-4(c) | Each item max $800; total personal property in this category cannot exceed $16,000. |
| Jewelry | Up to $2,000 | § 38-10-4(d) | Jewelry primarily for personal/family use. |
| Wildcard | $800 plus any unused portion of homestead from (a). | § 38-10-4(e) | Can be used on any property type, effectively acting as an all-purpose exemption. |
| Tools of the Trade | Up to $3,000 in implements or professional tools | § 38-10-4(f) | Covers items you or your dependent need for work. |
| Unmatured Life Insurance | 100% if not a credit life policy | § 38-10-4(g) | Life insurance contracts fully exempt unless it’s a credit life insurance. |
| Health Aids | 100% exempt | § 38-10-4(h) | Medically prescribed aids for you or your dependents. |
| Right to Receive Benefits | Social Security, unemployment, local public assistance, veterans’ benefits, disability, illness, or unemployment benefits, alimony/support (as needed), certain pension or retirement benefits | § 38-10-4(i) | Generally 100% exempt if reasonably necessary for support. Check sub-limits for spouse/child support. |
| Right to Receive: Crime Victims, Wrongful Death, etc. | Awards from crime victim law, wrongful death, life insurance proceeds, personal bodily injury up to $50,000 (not including pain & suffering), future earnings compensation, prepaid tuition/savings plan | § 38-10-4(j) | Includes various lump sums or payments for injuries, death, or certain educational funds. Life insurance proceeds up to $50,000 for bodily injury. |
| Federal 522(d) Option | Potentially 522(d) system if federal law permits | § 38-10-4(k) | WV is typically an “opt-out” state, but subsection (k) suggests you may choose 522(d) if allowed by federal law. Verify with your attorney. |
| Effective Date | Amendments from 2023 apply to bankruptcies filed on or after their effective date | § 38-10-4(l) | If your filing predates the effective date, older amounts might apply. |
Chapter 7 vs. Chapter 13: In Chapter 7, a trustee may sell nonexempt assets to repay creditors. In Chapter 13, you keep property but must pay unsecured creditors the nonexempt value over 3-5 years.
You must live in West Virginia for at least 730 days (2 years) before filing to use these exemptions, or you might need your previous state’s laws. A federal homestead “cap” could limit recently purchased residences.
Important: Exemptions change periodically. Always check if statutes and amounts are current. Verify with a bankruptcy attorney to confirm that these exemptions still apply.