What happens if I bankruptcy in West Virginia file?

Bankruptcy in West Virginia and each State to offer a financial. Exactly as the ce-Over occurs depends on bankruptcy filing primarily by this chapter. In West Virginia you can choose between chapter 7 and chapter 13, although there are certain restrictions, which may for each chapter in consideration. End of the day, the two chapters help but start fresh with a financial slate. Chapter 7 GenerallyChapter 7 bankruptcy, known as "Liquidation" bankruptcy of stored at the most common type of bankruptcy in West Virginia. Chapter 7 bankruptcy is what most people from think refer to bankruptcy. In short, in accordance with Chapter 7 is trustee who most your selling and completely or partially your debts repaid the proceeds. The rest of your debts is essentially, wipe way so that you start financially in the essential NULL. No property and No 13 13 GenerallyChapter debts.Chapter offers a financial fresh start, but it is not quite as extreme in Chapter 7. Rather than a liquidation chapter 13 is a form of debt adjustment and reimbursement of insolvency. If you file, prepare a, chapter 13 in West Virginia proposed debt reduction plan. The bankruptcy court is your repayment plan to investigate and if it finds that acceptable plan, approve the plan. Make a monthly payment for debt to the bankruptcy court and bankruptcy court a certain statements contained in the plan.Liquidation approved your creditors to pay and ExemptionsLiquidation, refers to the process by which the trustee sells most of your assets. Importantly, but allows you to Act state West Virginia many exceptions claim your some more to protect vital property. For example, you can an exemption of $25,000 for the value of your home and exemptionclaim of $2,400 for your car. (In a similar way you an exception for furniture, accessories retirement accounts and work equipment, tools, computers can claim) If you request that a trustee in bankruptcy not exempt property sold exemption, less than the value of the property not exceed the tax line. If the value exceeds the amount of the tax line, will sell the trustee the property and you cash equal to the amount of the tax line. Still only in Chapter 7 liquidation occurs once. The trustee sells each property in a chapter 13 DischargeOne core functions for Chapter 7 bankruptcy debt is the rejection of the legal liabilities, which occurs if the court approves your bankruptcy. Debt rejected is a debt that you are more legally obliged for to pay and the creditor can continue by to collect. The general rule in West Virginia is released your debt under Chapter 7. There are a few exceptions, though. For example acquitted not the student loan debt except in very rare cases law and the law, fees or support for the family as such as alimony obligations for children published or adapting the debt under Chapter 13 discharge is alimony.Debt AdjustmentSimilar debt under Chapter 7. If you are preparing a chapter 13 debt plan probably will propose, your debt in a reduced principal amount for a low interest rates or for a longer period of repayment. Basically pay off some debts, but not all of the debt. While your repayment plan genehmigtIhre creditors can the bankruptcy court challenge the payment received from the approved plan. The legal term for this process is called debt adjustment. Debt adjustment is common in a chapter 13 West Virginia appliedhas.