Filing for bankruptcy is the same in all places. Just like in any other place, a bankruptcy claim falls under the jurisdiction of federal law in West Virginia too. Here, the main goal of the lawyer of the person petitioning for bankruptcy is to unwind a contract between all the creditors and debtors. By doing so, the petitioner is allowed to start afresh and also to make some necessary changes and choices in their life from then on.
Help from a Charleston, WV bankruptcy attorney is necessary whenever you think of filing for bankruptcy in West Virginia. Hence, the best way to do so is by visiting Hinkle Law PLLC. There is a team of attorneys with years of experience in handling bankruptcy cases. You can visit their webpage to learn more about their service.
Bankruptcy Chapter Finalization
Before thinking of petitioning for a bankruptcy claim, you should first understand the types of bankruptcy claims that are available. The petitioners choose either Chapter 7 or Chapter 13 bankruptcy claims in most of the cases.
Chapter 7 bankruptcy will not require more than a few months to get into action. Here, your current assets and other such possessions will be liquidated to repay the creditors and debtors. People with possessions that are luxurious and worth quite a fortune will be required to give up such things for the payment of the credits and debits, to make up for the lost payments.
Chapter 13 bankruptcy is the option that is given for such people that can handle the debt and credit repayment within the next 3 to 5 years. This payment plan does not require you to give up your assets and all you have to do is make some necessary changes in your lifestyle. Proper financial management will make it easier for you to repay all your debts within the next 5 years.
Bankruptcy in West Virginia
Not everyone can file for bankruptcy in West Virginia. Your family’s income should be lower than the median income as set by federal law, and you should pass the Means Test that is conducted by government-recognized institutions. You can either take this test online or in person, as per your preference.
While hiring a lawyer to help you with your decisions of the bankruptcy petition, you can check whether they have enough experience in the respective field. They should not only help you in filing for bankruptcy petition, but should also help you in accumulating all the necessary documents for the procedure.