Legal Question in Bankruptcy in West Virginia
What can be included in bankruptcy
My husband and I are considering bankruptcy. will debt such as furniture have to be sold if we owe on it still? and what about 2nd mortgages--will they be affected if we don't sell the home?
1 Answer from Attorneys
Re: What can be included in bankruptcy
Bankruptcy Law provides for exemptions of property necessary for a fresh start. The exemptions vary from state to state, but West Virginia in more generous than most. Purchase money liens will remain even though the debt is discharged. Nonpossessory, nonpurchase money security interests (liens) in household goods are avoidable. In addition, a debtor may redeem some or all of his or her property from a purchase money lien at the fair market value. You should consult with your bankruptcy professional to review what your options are. Take the original loan documents with you to facilitate the review. Tom Zimmerman
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