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Bankruptcy

Bankruptcy is a court-supervised legal process that helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses.

In West Virginia, as in all states, bankruptcy is governed primarily by federal law, specifically the U.S. Bankruptcy Code. Individuals and businesses in financial distress can seek relief under several chapters of the Bankruptcy Code, the most common being Chapter 7 (liquidation), Chapter 11 (business reorganization), and Chapter 13 (individual debt adjustment). Chapter 7 allows for the sale of non-exempt assets to pay creditors. Chapter 13 enables individuals with regular income to develop a plan to repay all or part of their debts over time. Chapter 11 is typically used by businesses to reorganize their debts and continue operations. West Virginia has its own set of exemptions that determine what property is protected from sale during a Chapter 7 bankruptcy. These exemptions are found in the West Virginia Code and can be used in conjunction with federal non-bankruptcy exemptions. The process is overseen by the U.S. Bankruptcy Courts, and in West Virginia, bankruptcy cases are filed in the U.S. Bankruptcy Court for the Northern or Southern District of West Virginia, depending on the debtor's location.

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adversary proceeding assumption of contracts, leases automatic stays

Chapter 11 bankruptcy Chapter 12 bankruptcy Chapter 13 bankruptcy Chapter 13 bankruptcy — confirmation hearing Chapter 13 bankruptcy — disposable income Chapter 13 bankruptcy — eligibility Chapter 13 bankruptcy — repayment plan Chapter 7 bankruptcy Chapter 7 bankruptcy — changing trustee Chapter 7 bankruptcy — conversion to chapter 11, 12, or 13 Chapter 7 bankruptcy — discharge Chapter 7 bankruptcy — eligibility Chapter 7 bankruptcy — means test Chapter 7 bankruptcy — no assets cosignors courts creditor claims — secured, unsecured, priority

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hardship discharges homestead exemption

involuntary bankruptcy

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nondischargeable debt nondischargeable debt — alimony nondischargeable debt — child support nondischargeable debt — fraud nondischargeable debt — student loans

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Articles

Understanding the Different Personal Bankruptcy Chapters

At some point in life, many of us will face financial hardships. When debt becomes overwhelming, one potential avenue of relief is filing for personal bankruptcy.

Understanding Personal Bankruptcy: Types, Eligibility, and Consequences

If you're considering filing for personal bankruptcy, it's crucial to understand the different types available, their implications, and the advantages and drawbacks of each.

Bankruptcy

Individual & Family Legal Plan

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West-Virginia State Code

West-Virginia State Code

Bankruptcy

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