How to File Bankruptcy in WV: A Complete Beginner’s Guide

Filing for bankruptcy can be a challenging decision, but understanding the process can make it manageable. This guide walks you through the steps to file bankruptcy in West Virginia (WV) and helps you explore your options.

Understanding Bankruptcy Types

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves selling assets to pay off debts. It's suitable for those who lack steady income and want a fresh start.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy allows individuals with regular income to create a repayment plan to pay off debts over time, usually three to five years.

Eligibility Requirements

To file for bankruptcy in WV, you need to meet certain eligibility criteria:

• Residency: You must have lived in WV for at least 91 days before filing.
• Credit Counseling: Complete a credit counseling course from an approved provider within 180 days before filing.
• Means Test: Pass the means test to qualify for Chapter 7, which assesses your income and expenses.

Steps to File Bankruptcy

Gather Necessary Documents

Collect important documents such as tax returns, pay stubs, bank statements, and a list of assets and liabilities.

Complete Bankruptcy Forms

Fill out the required bankruptcy forms, including a petition, schedules, and statements of financial affairs.

File Your Petition

Submit the completed forms to the bankruptcy court. Upon filing, an automatic stay will prevent creditors from collecting debts.

Attend the 341 Meeting

The 341 meeting, or meeting of creditors, allows creditors to ask questions about your financial situation.

If you're interested in understanding similar processes in other states, consider reading about filing bankruptcy in Louisiana.

Consequences and Considerations

Bankruptcy can have lasting impacts on your credit score and future financial opportunities. It's important to weigh the pros and cons before proceeding.

Impact on Credit Score

Filing for bankruptcy will likely lower your credit score, making it harder to obtain loans in the future.

Asset Exemptions

Understand which of your assets are exempt from liquidation. WV law provides specific exemptions to protect certain property.

Finding Legal Assistance

Consider hiring a bankruptcy attorney to guide you through the process. For those in Florida, a florida bankruptcy attorney can provide specialized assistance.

Frequently Asked Questions

• What is the cost to file bankruptcy in WV?

  The filing fee for Chapter 7 is approximately $338, while Chapter 13 is about $313. Additional costs may include attorney fees and credit counseling.

• Can I keep my car if I file for bankruptcy?

  You may keep your car if it is exempt or if you reaffirm the car loan, meaning you agree to continue making payments.

• How long does bankruptcy stay on my credit report?

  Chapter 7 bankruptcy can remain on your credit report for up to 10 years, while Chapter 13 can stay for up to 7 years.