The bill amends West Virginia Code §38-10-4 to provide specific exemptions for property in bankruptcy proceedings. Notably, it allows a surviving spouse to claim their deceased spouse's exemption for a joint residence, provided that the home remains owned by the surviving spouse. This exemption can exceed the standard limit of $35,000, allowing for a maximum of $70,000 per household in such cases. Additionally, the bill introduces a new exemption for payments made by governmental entities to subsidize the adoption of a minor child.

The bill also clarifies existing exemptions related to various forms of property, including real estate, motor vehicles, household goods, and personal items. It maintains the current limits on these exemptions while ensuring that certain benefits, such as Social Security and veterans' benefits, remain protected. The amendments are designed 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