If your financial situation seems to be getting bleaker and you feel like you are running out of options, filing for bankruptcy can be a solution that helps you climb out of the pit of despair. At Hewitt & Salvatore, PLLC, Attorneys at Law, our West Virginia bankruptcy lawyers can help you decide if this move is the right one for you and make the filing process as stress-free as possible. Hewitt & Salvatore handles both Chapter 7 and Chapter 13 bankruptcies in Fayetteville, Beckley, and all of West Virginia.
Deciding if Bankruptcy is Your Best Solution
The decision to file for bankruptcy is a very personal one that you should consider carefully. In general, it is often a feasible option for people who have substantial debts that have been past due for a great length of time. It all depends on whether or not you feel you may be able to repay the debts in the future. If you have been dealing with threatening creditor harassment, a creditor harassment attorney can work to get it to stop. Keep in mind that obscene or misleading creditor harassment is illegal, and you do not need to be pressured into filing for bankruptcy due to intimidating creditors. As long as you still owe creditors, they will seek a resolution. Bankruptcy is the only way to put an end to the debts that you cannot pay.
Let Our Lawyers Give You All the Bankruptcy Facts
Depending on your unique financial situation, bankruptcy can improve your life immensely. But there are consequences that you should be aware of. For instance, the impact on your credit report and credit score may prevent you from getting loans you may need in the future.
It is important to also know the laws regarding creditor harassment. Your bankruptcy attorney can inform you of your rights under the Fair Debt Collection Practices Act and the West Virginia Consumer Credit and Protection Act.
Chapter 7 or Chapter 13?
Chapter 7 is the way to go if you feel you will be unable to pay back your debts, even over time. To file Chapter 7 Bankruptcy, your attorney will submit paperwork to the U.S. bankruptcy court requesting a discharge of all debts. If you file for Chapter 7, you cannot have filed within the last eight years or have had a bankruptcy claim dismissed in the last six months. You are also required to attend credit counseling, meet West Virginia residency requirements, and meet income requirements.
Chapter 13 is a good option if you just need more time to resolve outstanding debts. To file Chapter 13 Bankruptcy, a petition is also filed with the U.S. bankruptcy court. Instead of discharging your debts, this type allows you an extended repayment time period, within three to five years. This type also has residency, income, and credit counseling requirements, as well as the same filing/dismissal history mentioned above. Note: Claimants must meet debt requirements that limit the amount of secured and unsecured debt.
How We Can Help
Our goal is to get you a resolution in an accurate and efficient manner. We have guided thousands of West Virginians through the steps of bankruptcy, and we will do whatever we can to bring you peace of mind as well.
If you are having serious financial troubles, bankruptcy could be an option for you. Please contact the experienced Fayetteville and Beckley at Hewitt & Salvatore, PLLC today to schedule a free evaluation in West Virginia. One call, that’s all.