Debt Relief Solutions through a Bankruptcy Attorney in Martinsburg, WV
West Virginia consumers get debt-relief help through bankruptcy. The process requires them to follow strict guidelines. They need an attorney to submit a request for the bankruptcy. They need eligibility approval first. A bankruptcy attorney in Martinsburg, WV can help them with these tasks.
Guidelines for Filing for Bankruptcy
The consumer submits financial records for the past six months. The attorney adds up all income sources presented by the consumer. They multiply this figure by two and produce the consumer’s annual income. The total income must exceed $44,302 to qualify for Chapter 13 bankruptcy. If not, the consumer files for Chapter 7 bankruptcy.
Next, the attorney reviews the consumer’s property and assets. They identify the current market value of these items. They add these values together to identify a total value achievable through their sale. They file for liquidation through Chapter 7, if the value is great enough to settle their debts. The court won’t approve liquidation for consumers with limited assets.
After Eligibility Approval
The first step is enrolling into a credit-counselling program. The federal government enforces this requirement in bankruptcy cases. All consumers must present a certificate of completion in bankruptcy court. It must be a state-approved program to qualify.
Meeting the Creditors
All bankruptcy cases require meeting the creditors. It occurs in bankruptcy court, and all creditors may attend it. The creditors discuss the debts during this meeting. They submit an approval or denial for inclusion of their account. The judge discharges debts at his or her discretion. This includes any accounts denied for inclusion by the creditor.
What to Expect
Chapter 13 cases require timely payments each month. The court assigns a value for the payments. Missed payments could lead to a discharge of the case.
Chapter 7 cases require submission of titles to the court. The court directs a trustee to sell the property. This trustee manages all sales and distributes funds.
Bankruptcy helps West Virginia consumers to find a clear resolution. Each chapter offers advantages and disadvantages. The consumer makes a selection based on the benefits. Consumers need a bankruptcy attorney in Martinsburg, WV to start a claim. Consumers can hire an attorney by contacting Bottner & Skillman, Attorneys at Law.
