When you are in financial distress and are in over your head, collections agencies harassing you by phone, bills and debts piling up, then it may be time to file for bankruptcy. Filing for bankruptcy isn’t always a cut and dry process. It can be complicated and if you make a mistake and get denied, there is a long waiting process before you can file again. At Mountaineer Criminal Law Group a West Virginia bankruptcy lawyer will file your claim for you, taking away the stress of all that paperwork.
Our attorneys will help evaluate your finances and specific situation and offer you a means test. The means test is required before filing and it will determine which chapter you can file under.
While Chapter 7 liquidates your assets and wipes away your debt, Chapter 13 restructures your debt and offers a plan for repayment. If the means test determines that you should be able to pay your debts in the next 5 years, then Chapter 13 will be the type of bankruptcy that is best for you.
If you qualify for both Chapter 7 and Chapter 13, you may find it in your best interest to choose a Chapter 13 filing. This way you will be able to keep your assets and pay back your debts.
The following are some points about Chapter 13 bankruptcy:
- During the bankruptcy process, you will be able to keep your nonexempt property.
- You can design a plan for dealing with your loans and mortgages.
- Some loans cannot be discharged with a Chapter 7 filing, such as student loan debt. This is a way to pay back those loans.
- If you have a co-debtor, they will be left alone. A Chapter 7 filing allows them to go after your co-debtors.
- You can plan your payment schedule by yourself. This will help you in dealing with the creditors in a much better way.
Are you in muddy waters already and wondering how you will be able to deal with your debts and payment plan on your own? Come to us at Mountaineer Criminal Law Group and we will offer you the right insight that will help you file for bankruptcy.
Filing Chapter 13 for Individuals
To file for Chapter 13 bankruptcy, it is necessary that you have a consistent source of income. Most of the time, it stands for employment. But if you don’t have a job, you may still be able to file for Chapter 13 provided you earn money from a rental property, unemployment compensation, or social security. The duration of the payment plan can last 3 to 5 years. During the bankruptcy period, the debts which take top priority are child support, taxes, and employee’s salaries. After that it is car loans and mortgages. Lastly, any disposable income you have left will be evaluated. This disposable income will go towards any unsecured debt you have.
Filing Chapter 13 for Businesses
If you are a business owner, then on the behalf of your company, you cannot file for Chapter 13 bankruptcy. But, if you are the sole proprietor and caught up in the mess of debts, then you can file the case as an individual. After you file the case with the bankruptcy court, they will ensure that you get on a payment plan to deal with your secured and priority debts. After this, you can deal with your unsecured debts.
Three Expert Tips To Help You
- For proceeding with the bankruptcy case, having all documents is necessary. Make sure you are keeping track of all documents related to the case.
- Be honest in your information that you are sharing with the lawyer as well as the court.
- Make sure you are getting proper legal guidance and assistance. Hire a reputable West Virginia bankruptcy lawyer who will be able to help you.
For more details on Chapter 13 bankruptcy or for a free consultation from attorney Sean Logue and his team at Mountaineer Criminal Law Group, call us at (304) 900-3391 or contact us online.