West Virginia Bankruptcy Lawyer

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Many bankruptcies are caused by overwhelming medical expenses, due to illness or sudden personal tragedy, unemployment, or marital problems. Bankruptcy is most often the result of unforeseen circumstances and therefore should not been seen as shameful or embarrassing. Bankruptcy can provide a much-needed fresh start for people who have fallen on hard times.

If you feel that bankruptcy is the best option for you, you need an experienced bankruptcy attorney on your side. The laws surrounding bankruptcy are complicated and difficult to navigate. A good bankruptcy lawyer will help you decide which type of bankruptcy you qualify for, and which type works best for you.

Each state has different laws regarding bankruptcy and bankruptcy exemption. An exemption is a set amount of income or other collateral that is legally excluded from the assets that can be seized by creditors. For example, in West Virginia, for a homestead, real or personal property used as residence up to $25,000 can be exempt and any unused portion of the homestead may be applied to any property. Alimony and child support may also be exempt as well as up to $1000 worth of jewelery and $2500 regarding a motor vehicle.

There are six types of bankruptcy, with the most common being Chapter 7 and Chapter 13.

Chapter 7 is known as a liquidation plan. Your case is turned over to a trustee ,who liquidates any assets that are not exempt and distributes the funds to your creditors. If you have no assets to exchange for your debts, you can still have your debts discharged. There is some debt that will not be discharged no matter the type of bankruptcy, such as child support, alimony or punitive damages/court-ordered restitution.

Chapter 13 is a way to reduce your debt and keep your home and vehicle while allowing you to catch up on the payments over time. You will formulate a repayment plan based on your ability to pay over a three to five year period. The items that are exempt vary from state to state; some states allow you to follow their list or opt to follow the federal list of exempted items. These items on these exemption lists generally include pensions, insurance policies, some personal property and one vehicle per adult of a certain value.

It is never an easy prospect to declare bankruptcy, but the help of a bankruptcy lawyer will help ease the burden and make the process much less confusing. There are new requirements that you must follow before your bankruptcy can be discharged, include mandatory completion of credit counseling and a financial skills workshop. Chapter 7 bankruptcies are generally discharged within four months of the filing date; Chapter 13 are discharged after the repayment plan has been completed.

You cannot file for Chapter 7 again for six years after your original filing date, but Chapter 13 can be filed again at any time. When you have reached the point when you cannot face the mailbox, answer the phone, or deal with repossession or foreclosure, then bankruptcy may be the answer.

Consulting a West Virginia bankruptcy lawyer attorney is in your best interests if you are considering filing for bankruptcy. The attorney can assist you through all stages of the process, from determining what type of bankruptcy is most viable for you, to filing the paperwork, to accompanying you to bankruptcy court. Why not make this difficult time a little easier, by contacting an experienced, compassionate attorney to guide you through the process?a


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