Questions About West Virginia Bankruptcy
Each state has specific guidelines and exemptions that residents must abide by when filing bankruptcy. Residents of West Virginia have state exemptions and income limits before they may file for Chapter 7 protection.
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What are the income limits for Chapter 7?
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As of March 2010, a filer with a single-person household in the state of West Virginia must have an income of no more than $39,135 per year to qualify for Chapter 7 Bankruptcy. A two-person household has a limit of $43,070 annually. Three person households are limited to $51,652 per year, while four person households have a limit of $58,271. For each household member over four, an additional $7,500 is added to the allowable annual income.
Can I keep my house?
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The state of West Virginia offers a homestead exemption that Chapter 7 filers can take advantage of that covers residences. Properties with equity of up to $25,000 are exempt from seizure by the trustee in a Chapter 7 case. Homeowners with more equity may consider a Chapter 13 case, in which the mortgage payments will be rolled into a monthly repayment plan set by the trustee.
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What about my personal property?
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Residents of West Virginia are allowed to keep a motor vehicle with equity of up to $2,400. Clothing, household goods, furniture, musical instruments and appliances have an exemption of $400 per item and $8,000 total. Additional exemptions include alimony and child support, burial plots, college funds, insurance payments up to $15,000 and retirement funds. Tools of the trade may also be kept, with an exemption limit of $1,500.
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