West Virginia Bankruptcy Facts
Bankruptcy is a federal process that provides individuals or businesses with the chance to drastically lower or possibly eliminate their debt if they have amassed more than they are able to pay off. It began as a tool used solely by creditors to get back what debtors owed them but has become a way for both individuals and businesses to reduce their financial burdens and put an end to creditor harassment.
What to Expect During the Bankruptcy Process
Before getting started with your case, there are certain prerequisites that must be met to determine eligibility for bankruptcy protection in West Virginia. As per the 2005 Bankruptcy Act, any debtor petitioning the court for bankruptcy protection in West Virginia must complete a credit counseling and finance management course before even petitioning the court for protection. Once the course is completed, the debtor’s income will be analyzed to see which chapter is best to file.
Although there are six different chapters, Chapter 7 and Chapter 13 are the most commonly filed in West Virginia, and it is very likely that if you petition the court, one of these chapters will be your ideal choice. Chapter 7 Involves the liquidation of assets in exchange for the discharge of most – if not all – unsecured debt and Chapter 13 involves repaying creditors while on a payment plan. It is important to understand that only unsecured debt can be reduced or discharged completely, which means any debt that is not backed by assets.
Below are examples of debts you can and cannot discharge through bankruptcy protection in West Virginia:
Debts from the following sources can be discharged:
- - Credit cards
- - Medical costs
- - Lawsuits
- - Business expenses
Debts from the following sources cannot be discharged:
- - Alimony
- - Child support
- - Student loans
- - Debts obtained through fraud or malicious behavior
- - Debts obtained though the willful injury of another person
Why Seek Assistance with a West Virginia Bankruptcy Lawyer?
Filing for bankruptcy protection can be a lengthy and confusing process, but there are skilled attorneys that can help ensure your case runs as quickly and smoothly as possible. When you work with an experienced West Virginia bankruptcy attorney, you will protect your assets and prevent any errors from occurring that might lead to you incur even more debt.
Bankruptcy attorneys in West Virginia handle all aspects of your case so you won’t have to worry about anything during proceedings. Expect your attorney to review your income and expenditures to determine which chapter(s) you most qualify for, speak directly with creditors to formulate a viable plan of action you both can benefit from, and above all, expect to obtain swift debt relief.
Whether you owe a few thousand or a few million in unpaid credit card bills, medical expenses, business costs, or any other form of unsecured debt, count on your bankruptcy lawyer to make sure you emerge from bankruptcy protection with a favorable outcome. Contact one of our featured West Virginia bankruptcy lawyers today and discuss your best option for optimal debt relief.