The People’s Lawyer

Bankruptcy exemptions can provide you with financial stability

On Behalf of | Mar 15, 2022 | Uncategorized

Far too many people who are struggling with debt fight with all of their effort to scramble back to a state of financial security. Unfortunately, all too often this leaves these individuals in a dire financial situation for years, sometimes even decades, without relief. It can be stressful and overwhelming to say the least.

West Virginia’s bankruptcy exemptions

Although personal bankruptcy is a very real option for these individuals, a lot of people think that they’ll be left with nothing if they pursue bankruptcy. This isn’t true. In fact, there are a number of bankruptcy exemptions that seek to ensure that you have some semblance of stability post-bankruptcy so that you can achieve the fresh financial start that you deserve. Those exemptions include:

  • Up to $35,000 in home equity
  • Up to $7,500 in equity in a vehicle
  • Up to $8,000 is household goods, furnishings, clothing, appliances, and books
  • Any health equipment that is necessary for a medical condition
  • Up to $1,000 in jewelry
  • Tools of your trade, up to $1,500 in value
  • Your disability, veteran’s, unemployment, and Social Security benefits
  • Up to $800 of “wildcard” assets

As you can see, you can obtain some financial stability despite the fact that you’re seeking bankruptcy. There may be other exemptions that apply to you, too, which is why you may want to discuss your case with an experienced bankruptcy attorney.

Find the debt relief that you deserve

You shouldn’t subject yourself to the torment of overbearing debt for a prolonged period of time. If it looks like you’re going to be unable to pay off your debt burden, then now may be the time to really consider bankruptcy. Although the process may seem frightening, an attorney who is experienced with this area of the law can guide you through the process and help you see the true value in seeking a new start.