This bill amends West Virginia Code §38-10-4, which outlines exemptions from property in bankruptcy proceedings. It introduces provisions allowing a surviving spouse to claim their deceased spouse's exemption for a joint residence, provided that the home remains owned by the surviving spouse. Specifically, the bill states that if the debtor was a joint owner or tenant in common of the residence with a deceased spouse, the exempt interest may exceed the standard $35,000 limit, allowing for an exemption of up to $70,000 per household.

Additionally, the bill includes a new exemption for payments made by any governmental entity to subsidize the adoption of a minor child. It also clarifies existing language regarding various exemptions, such as those related to life insurance proceeds and payments for personal bodily injury. The amendments are intended to enhance the protections available to debtors in bankruptcy, particularly in the context of family and joint ownership situations.

Statutes affected:
Introduced Version: 38-10-4
Committee Substitute for the Committee Substitute: 38-10-4
Committee Substitute: 38-10-4
Engrossed Committee Substitute: 38-10-4