This bill proposes the addition of a new section, 46A-2-141, to the Code of West Virginia, aimed at exempting specific classes of property from collections by creditors for defaults on consumer credit or installment obligations. The provisions apply to permanent residents of West Virginia and outline several categories of assets that are not subject to collection, judgment, or garnishment. These include head of household wages up to a specified minimum, annuities or life insurance proceeds, a portion of the assessed value of a homestead, tax-advantaged retirement accounts, disability or death benefit income, prepaid college funding accounts, and social security income.

The intent of this legislation is to protect certain essential assets from being seized by creditors, thereby providing financial security to individuals facing consumer credit obligations. By establishing these exemptions, the bill aims to ensure that individuals can retain necessary resources for their livelihood and well-being, even in the event of financial difficulties.

Statutes affected:
Introduced Version: 46A-2-141