This bill amends West Virginia Code §38-10-4, which outlines exemptions from property in bankruptcy proceedings. It introduces a provision allowing a surviving spouse to claim their deceased spouse's exemption in a joint residence, provided that the home remains owned by the surviving spouse. Additionally, the bill exempts payments made by any governmental entity to subsidize the adoption of a minor child, expanding the types of property that can be exempted during bankruptcy.

The bill also modifies existing exemptions related to real and personal property. Specifically, it allows for an increased exemption limit for debtors who were joint owners of a residence with a deceased spouse, raising the exemption from $35,000 to a maximum of $70,000 per household in such cases. Furthermore, it clarifies the language regarding various types of benefits and payments that can be exempted, including those related to social security, veterans' benefits, and life insurance proceeds, ensuring that these provisions align with federal bankruptcy laws.

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