This bill amends West Virginia Code §38-10-4, which pertains to property exemptions in bankruptcy proceedings. A significant change is the deletion of the previous provision that limited the debtor's interest in real or personal property used as a residence to a maximum value of $35,000. Instead, the new language allows the debtor's interest in real property or personal property used as a residence to be exempted without a specific dollar cap, provided it consists of not more than one acre in a municipality or 100 acres elsewhere. Additionally, the bill increases the exemption limit for personal property from $800 to $5,000, plus any unused amount from the real property exemption.

Furthermore, the bill introduces a new provision that allows a surviving spouse to claim the deceased spouse's homestead exemption, as long as the home they jointly owned is now owned by the surviving spouse. This change aims to provide additional protections for surviving spouses in bankruptcy situations, ensuring they can retain their home. The bill also includes various other exemptions related to personal property, motor vehicles, and benefits, while ensuring that the amendments apply to bankruptcies filed after the effective date of the changes.

Statutes affected:
Introduced Version: 38-10-4