ENGROSSED
Senate Bill No. 306
(By Senators Ross, Anderson, Buckalew, Sharpe, Bowman,
Helmick, Blatnik, Dugan, Yoder and Schoonover)
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[Introduced February 5, 1996; referred to
the Committee on the Judiciary.]
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A BILL to amend and reenact section four, article ten, chapter
thirty-eight of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to increasing amounts
for authorized exemptions of property in bankruptcy
proceedings.
Be it enacted by the Legislature of West Virginia:
That section four, article ten, chapter thirty-eight of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 10. FEDERAL TAX LIENS; ORDERS AND DECREES IN BANKRUPTCY.
§38-10-4. Exemptions of property in bankruptcy proceedings.
Pursuant to the "Bankruptcy Reform Act of 1978," 92 Stat.
2549, provisions of 11 U.S.C. 522(b)(1), this state specifically
does not authorize debtors who are domiciled in this state to
exempt the property specified in the "Bankruptcy Reform Act of
1978," 92 Stat. 2549, under the provisions of 11 U.S.C. 522(d).
Any person who files a petition under the "Bankruptcy Reform Act of 1978" (Public Law 95-598) federal bankruptcy law may
exempt from property of the estate in a bankruptcy proceeding the
following property:
(a) The debtor's interest, not to exceed seven thousand five
hundred fifteen thousand dollars in value, in real property or
personal property that the debtor or a dependent of the debtor
uses as a residence, in a cooperative that owns property that the
debtor or a dependent of the debtor uses as a residence or in a
burial plat for the debtor or a dependent of the debtor.
(b) The debtor's interest, not to exceed one two thousand
two four hundred dollars in value, in one motor vehicle.
(c) The debtor's interest, not to exceed two four hundred
dollars in value in any particular item, in household
furnishings, household goods, wearing apparel, appliances, books,
animals, crops or musical instruments, that are held primarily
for the personal, family or household use of the debtor or a
dependent of the debtor: Provided, That the total amount of
personal property exempted under this subsection shall not exceed
one eight thousand dollars.
(d) The debtor's interest, not to exceed five hundred one
thousand dollars in value, in jewelry held primarily for the
personal, family or household use of the debtor or a dependent of
the debtor.
(e) The debtor's interest, not to exceed in value four eight
hundred dollars plus any unused amount of the exemption provided
under subsection (a) of this section in any property.
(f) The debtor's interest, not to exceed seven hundred fifty
one thousand five hundred dollars in value, in any implements,
professional books or tools of the trade of the debtor or the
trade of a dependent of the debtor.
(g) Any unmatured life insurance contract owned by the
debtor, other than a credit life insurance contract.
(h) The debtor's interest, not to exceed in value four eight
thousand dollars less any amount of property of the estate
transferred in the manner specified in section 542 (d) of the
"Bankruptcy Reform Act of 1978" (Public Law 95-598) 11 U.S.C.
542(d), in any accrued dividend or interest under, or loan value
of, any unmatured life insurance contract owned by the debtor
under which the insured is the debtor or an individual of whom
the debtor is a dependent.
(i) Professionally prescribed health aids for the debtor or
a dependent of the debtor.
(j) The debtor's right to receive:
(1) A social security benefit, unemployment compensation or
a local public assistance benefit;
(2) A veterans' benefit;
(3) A disability, illness or unemployment benefit;
(4) Alimony, support or separate maintenance, to the extent
reasonably necessary for the support of the debtor and any
dependent of the debtor;
(5) A payment under a stock bonus, pension, profit sharing,
annuity or similar plan or contract on account of illness, disability, death, age or length of service, to the extent
reasonably necessary for the support of the debtor and any
dependent of the debtor, unless:
(A) Such plan or contract was established by or under the
auspices of an insider that employed the debtor at the time the
debtor's rights under such plan or contract arose;
(B) Such payment is on account of age or length of service;
and
(C) Such plan or contract does not qualify under section
401(a), 403(a), 403(b), 408 or 409 of the Internal Revenue Code
of 1954.
(k) The debtor's right to receive, or property that is
traceable to:
(1) An award under a crime victim's reparation law;
(2) A payment on account of the wrongful death of an
individual of whom the debtor was a dependent, to the extent
reasonably necessary for the support of the debtor and any
dependent of the debtor;
(3) A payment under a life insurance contract that insured
the life of an individual of whom the debtor was a dependent on
the date of such individual's death, to the extent reasonably
necessary for the support of the debtor and any dependent of the
debtor;
(4) A payment, not to exceed seven thousand five hundred
fifteen thousand dollars on account of personal bodily injury,
not including pain and suffering or compensation for actual pecuniary loss, of the debtor or an individual of whom the debtor
is a dependent; or
(5) A payment in compensation of loss of future earnings of
the debtor or an individual of whom the debtor is or was a
dependent, to the extent reasonably necessary for the support of
the debtor and any dependent of the debtor.
This section shall not be construed to affect the
applicability of any provision of the "Bankruptcy Reform Act of
1978" (Public Law 95-598) other than section 552(d). federal
bankruptcy law other than 11 U.S.C. 552(d).