Filing for Bankruptcy in West Virginia
High unemployment, the housing crisis, and global competition all put enormous pressure on West Virginia families and businesses. While many individuals and companies hang on by spending or borrowing less, others can no longer manage their debt obligations.
When liabilities outweigh assets and income and debt repayment becomes difficult, it may be time to consider bankruptcy. By filing for bankruptcy protection, individuals and businesses can obtain debt relief, preserve important assets, and gain a more stable financial footing.
What are my West Virginia bankruptcy options?
The federal bankruptcy code provides for several types of bankruptcy, each of which has unique rules and requirements. The most common forms of bankruptcy include the following:
- Chapter 7. To qualify, your monthly household income must be less than the West Virginia median income for a household of your size. Chapter 7 is especially beneficial for those with high unsecured debt, such as medical or credit card bills.
- Chapter 11. To qualify, filers must be corporations or partnerships. Chapter 11 allows businesses to reorganize and restructure their debts and contracts under more favorable terms so they can continue to operate while repaying creditors.
- Chapter 13. To qualify, your monthly household income must be more than the West Virginia median income for a household of your size. A Chapter 13 may also be utilized if you are behind on your home mortgage or car loan payments. Chapter 13 is a repayment plan that reorganizes debt under more favorable terms so that debtors can repay them within three to five years.
We offer WV bankruptcy and business legal services
Since we also have experience in complementary legal practice areas, such as tax and estate planning, business law, and real estate—as well as divorce and family law—our attorneys can help you with virtually all aspects of your bankruptcy in WV and explain how it will likely impact other areas of your financial life.
Many of our West Virginia business lawyers have high-level degrees in business, economics, or accounting as well as their Juris Doctor (JD), so they can provide informed, insightful advice and counsel on the tax effects of bankruptcy and how reorganizing debts can lead to a more successful future.
Contact us today
Gianola Barnum Wigal & London L.C. welcomes the opportunity to help you, your family, or business with the bankruptcy filing process. Also your West Virgina personal injury attorneys. Please contact us online today to arrange for your free, initial consultation.
