West Virginia Bankruptcy Exemptions
Designating West Virginia bankruptcy exemptions and avoiding liens
The administration of a liquidation case is temporary. Either discharge will be granted or denied. All dischargeable debts can be eliminated, so that creditors cannot enforce debts through collection, judgment, or property seizures. During the administration however, the West Virginia bankruptcy exemptions form the basis of preventing creditors from seizing assets in satisfaction of then existing debts. Secured creditors may only look to their specific collateral for repayment, and any deficiency balance is considered unsecured. Lien avoidance for exempt property is determined by a tiered approach to allowable transactions during the 15 days, 90 days, and one year preceding the filing of the petition.
Note regarding West Virginia student rights
Anyone applying for a student loan is entitle to fair treatment and consideration. The terms of Title 11, Section 525, prohibit any lender providing students to deny credit on the basis that an applicant student filed for relief, received a discharge, claimed West Virginia bankruptcy exemptions, or dismissed a prior case. The prohibition applies to all people and organizations (individuals, nonprofit, and commercial) who provide loans, grants, cosigners, guarantees, or other forms of credit assistance to students. A violation of this this provision results in liability owed to the person who was wrongfully denied credit.