COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 118
(By Senators Humphreys, Burdette, Mr. President,
Craigo, Macnaughtan, Grubb, Bailey, Wagner, Sharpe,
Yoder, Wehrle, Manchin, Dittmar, Schoonover, Whitlow,
Blatnik, Ross, Withers, Minard, Boley and Chafin)
____________
[Originating in the Committee on the Judiciary;
reported February 17, 1994.]
____________
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 exempting a
single family residence from 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, 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", 92Stat. 2549, 11 U.S.C. Section 522(d).
Any person who files a petition under the "Bankruptcy Reform
Act of 1978" (Public Law 95-598) may exempt from property of the
estate in a bankruptcy proceeding the following property:
(a) The debtor's interest, in real property or personal
property that the debtor or a dependent of the debtor has owned
as a single family residence for at least five years, not to
exceed five acres, in a cooperative that owns property that the
debtor or a dependent of the debtor has owned as a single family
residence for at least five years, not to exceed five acres, or
in a single family farm where those persons received more than
eighty percent of their gross income in the immediately preceding
year from a farming operation operated on said farm, owned for at
least five years, not to exceed one hundred sixty acres, or in a
burial plat for the debtor or a dependent of the debtor.
(b) The debtor's interest, not to exceed one thousand two
hundred dollars in value, in one motor vehicle.
(c) The debtor's interest, not to exceed two 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 thousand
dollars.
(d) The debtor's interest, not to exceed five hundred
dollars in value, in jewelry held primarily for the personal,
family, or household use of the debtor or a dependent of thedebtor.
(e) (1) The debtor's interest, in any property not to exceed
in value four hundred dollars; or
(2) The debtor's interest, in any property not to exceed
seven thousand nine hundred dollars, if the debtor did not claim
an exemption under subdivision (a) of this section or if an
exemption was claimed to the extent the value claimed does not
exceed seven thousand nine hundred dollars.
(f) The debtor's interest, not to exceed seven hundred fifty
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
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), 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; and
(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 thedebtor;
(4) A payment, not to exceed seven thousand five hundred
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).
______________
(NOTE: The purpose of this bill is to exempt a single
family residence from bankruptcy proceedings, regardless of the
residence's value, and to retain the $7,900 property exemption
for a person who does not own his or her own residence.)
Email
Webmaster | © 2024 West Virginia Legislature **
