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Filing Bankruptcy in WV: Understanding Key Information
Introduction to Bankruptcy in West Virginia
Filing for bankruptcy in West Virginia can be a complex process, but it provides a way for individuals to gain financial relief. This article explores the essential aspects of bankruptcy in WV, helping you make informed decisions.
Types of Bankruptcy
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves selling non-exempt assets to pay off creditors. It's designed for individuals with limited income who cannot repay their debts. Learn more about filing for bankruptcy chapter 7 in ny to understand the process in different states.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows individuals with a regular income to create a repayment plan for their debts over three to five years. Discover how much is bankruptcy chapter 13 to get an idea of the potential costs involved.
Eligibility Requirements
Before filing for bankruptcy, it's crucial to understand the eligibility criteria.
- Chapter 7: Must pass the means test to qualify.
- Chapter 13: Must have a regular income and unsecured debts below a certain threshold.
The Bankruptcy Process in WV
- Pre-filing Credit Counseling: Mandatory session with a certified credit counselor.
- Filing the Petition: Submitting necessary forms and documents to the court.
- Automatic Stay: Legal protection that stops creditors from collection actions.
- 341 Meeting: Meeting of creditors to discuss your financial situation.
- Discharge: Release from personal liability for certain debts.
FAQs About Filing Bankruptcy in WV
What is the cost of filing bankruptcy in WV?
The cost varies depending on the type of bankruptcy. Chapter 7 typically involves filing fees, attorney fees, and credit counseling costs, whereas Chapter 13 may have additional plan payment fees.
Can I keep my home if I file for bankruptcy in WV?
It depends on the type of bankruptcy and the equity in your home. Chapter 13 may allow you to keep your home if you continue making payments under the repayment plan.
How long does the bankruptcy process take in WV?
Chapter 7 typically takes about 4 to 6 months, while Chapter 13 can last between 3 to 5 years, depending on the repayment plan.
In a Chapter 7 bankruptcy, you must list all your debts, no matter the size or to whom you owe them. You also must list all your property. West ...
Bankruptcy cases cannot be filed in state court. Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets ...
Individuals filing bankruptcy will place only the last four digits of their Social Security Number on the bankruptcy petition. Individuals are required to ...
