Filing West Virginia Bankruptcy
WV bankruptcy laws are written to allow a debtor who is hopelessly buried in debts to get a discharge of their debts so they can go on and rebuild their financial stability. Bankruptcy laws allow for an elimination or reorganization of debts.
When a debtor in West Virginia decides to file bankruptcy they must determine whether they should file chapter 7 or chapter 13 bankruptcy. Your bankruptcy lawyer can help you determine what chapter would be most appropriate for your circumstances.
Chapter 13 is a reorganization bankruptcy that is filed by debtors with more income and assets. Chapter 13 bankruptcy law allows a debtor to reorganize their debts into a more manageable payment plan that will last for three to five years.
Chapter 7 is a liquidation bankruptcy that allows debtors to receive a full discharge of their debts. When a debtor files chapter 7 they must turn over any of their assets that are not protected by the WV bankruptcy exemptions to be liquidated, or sold.