Bankruptcy is an emotionally and financially unsettling and upsetting scenario. And the last thing that one needs when dealing with it is aggressive creditors and debt collectors. If you’ve been facing similar issues, then the guide below about a couple of West Virginia bankruptcy laws is the solution that’ll see you through your time of trouble. Have a look at the pointers below and decide what’s right for you.
- Liquidation Bankruptcy or Chapter 7 Bankruptcy
An experienced attorney like a Charles Town bankruptcy attorney will be able to offer you the protection of chapter 7 bankruptcy under the following conditions.
- Your annual business income shouldn’t exceed $76,273.00.
- In case of a slight increase in annual income, you’re still eligible for this process if your expenses are high.
- You should be able to provide certain documents like bank statements and paystubs of the last six months and loan and mortgage documents.
You can have a look at the entire list of documents that are needed for Chapter 7 bankruptcy on the Hinkle Law PLLC website.
- Chapter 13 Bankruptcy
Chapter 13 payment plan is for businesses that earn more. Also known as Personal Reorganization Bankruptcy, this one works in plans like a three-year repayment plan or a five-year repayment plan.
No matter which of the two plans you choose, experienced bankruptcy attorneys will be able to protect you in the following ways.
- Creditors will not be allowed to file a case against you or send legally upsetting letters/phone calls of any kind during the entire repayment plan.
- Your attorneys will go through all your financial details in order to chart out the amount that you’ll be able to pay off monthly while still being able to manage your personal expenses.
That said, since it’s the job of an attorney to save you from all kinds of threats, it’s important that you hire qualified attorneys.
