Bankruptcy in West Virginia: What You Need to Know

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Bankruptcy is a legal process that can help individuals and businesses with overwhelming debt to get a fresh financial start. In West Virginia, there are two types of bankruptcy available for individuals: Chapter 7 and Chapter 13. It’s important to understand the differences between these two types of bankruptcy and their consequences before considering filing for bankruptcy.

Chapter 7 bankruptcy is also known as a “liquidation” bankruptcy because the court may sell some of your property to pay off your debts. However, some property, such as your primary residence, may be protected. To qualify for Chapter 7 bankruptcy, you must pass a means test, which determines if your income is low enough to qualify. In most cases, this type of bankruptcy will discharge most of your unsecured debts, including credit card debt and medical bills.

Chapter 13 bankruptcy is also known as a “reorganization” bankruptcy. This type of bankruptcy allows you to keep your property and repay your debts over a three-to-five-year period. To qualify for Chapter 13 bankruptcy, you must have a regular income and your debt must not exceed a certain amount. This type of bankruptcy is an option for individuals who have fallen behind on their mortgage or car payments and want to keep their property.

The Process

Filing for bankruptcy in West Virginia has several consequences, including damage to your credit score, which may make it more challenging to obtain credit or loans in the future. Additionally, bankruptcy may not discharge all types of debt, such as student loans and certain taxes. Finally, filing for bankruptcy can be a complicated and expensive process, requiring the assistance of an experienced bankruptcy attorney.

Avoiding Bankruptcy in West Virginia

To avoid bankruptcy, it’s essential to manage your finances carefully and seek help if you’re struggling to pay your bills. Some helpful tips include:

  • Create a budget and stick to it
  • Prioritize your debts and pay them off in order of priority
  • Contact your creditors and negotiate payment plans or settlements
  • Consider credit counseling or debt management programs

If you’re considering bankruptcy in West Virginia, it’s essential to consult with an experienced bankruptcy attorney to understand your options fully. Here are some helpful government links related to bankruptcy in West Virginia:

Sell Your House Fast for Cash & Avoid Bankruptcy 

Filing for bankruptcy can be a scary process, and it’s natural to want to do anything possible to avoid it. If you’re feeling overwhelmed by your debts and worried about the future, selling your home may be the best solution for you. Working with a trusted home buyer can get the peace of mind you deserve and avoid going through bankruptcy. Contact us today to learn more about how we can help you sell your home quickly as-is, without agent fees, and hassle-free!


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