Legal Question in Bankruptcy in West Virginia

Re: WV Exemptions

It is important to know how the account was titled. If the mutual fund was in a trust or UGTMA account, then your mother's bankruptcy will not affect you. If not, then transfer prior to filing a petition is very risky. The Trustee has a duty to seek preferences and transfers for the benefit of the estate. It is not his job to make some equitable evaluation and walk away. This could result in hearings, costs and perhaps loss of your assets. Prior to filing any bankruptcy a debtor should consult a lawyer and discuss all of the circumstances. Only then will a debtor be able to take full advantage of the exemptions. The former West Virginia exemption allowances were generous. This legislature increased the amounts. It is the place of residence for the greater part of the last 6 months which determines which exemptions are applicable.