HB 4340
Relating to exemptions of property in bankruptcy proceedings
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies West Virginia’s bankruptcy exemption rules to allow a surviving spouse to claim the deceased spouse’s homestead exemption if the property remains in the surviving spouse’s name. The bill clarifies existing exemptions related to personal property, motor vehicles, and certain benefits, and expands the definition of property that can be exempted in bankruptcy proceedings. It also addresses exemptions for physicians and certain payments related to dependents.
Key provisions
- Allows a surviving spouse to claim the deceased spouse’s homestead exemption if the home is owned by the surviving spouse.
- Clarifies exemptions for personal property, including household goods, appliances, and books, with a maximum value of $16,000.
- Specifies exemptions for motor vehicles, jewelry, and implements.
- Expands exemptions for certain benefits, such as Social Security, unemployment compensation, and veteran’s benefits.
- Addresses exemptions for life insurance contracts and retirement accounts.
- Allows exemptions for crime victim’s reparation awards and wrongful death payments.
- Provides for exemptions under 11 U.S.C. § 522(d) for individuals domiciled in West Virginia.
- Applies amendments from the 2023 session to bankruptcies filed on or after the effective date.
Who is affected
- Surviving spouses
- Bankruptcy debtors
- Individuals filing for bankruptcy
- Property owners
- Healthcare professionals
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