There's no reason to be ashamed if you are considering filing for bankruptcy in West Virginia. Due to the economy and other factors, many people are finding that it is their only way out of debt. There's nothing wrong with filing for bankruptcy; it is a perfectly legal process that was created in order to encourage entrepreneurs and others to take chances in business. Not only business owners are allowed to file for bankruptcy though. Individuals may file for bankruptcy for their personal finances under Chapter 7 and Chapter 13. If you find yourself unable to make minimum payments, or you are getting foreclosure notices, then bankruptcy is the thing to do.
In order to file for bankruptcy in West Virginia, you will have to go through a credit counseling program for at least 6 months. If you are filing under Chapter 7, then you also must meet the means test. This basically requires you to have an annual income that is less than the median income for your state. Chapter 7 bankruptcy will expunge all of your debt so that you can start all over again. There are however, certain debts that Chapter 7 won't get rid of such as most student loans and back taxes.
When you file for bankruptcy in West Virginia, first see that you contact a lawyer that has dealt with bankruptcy cases before. Together, you and your lawyer will complete the many different forms and schedules that are needed in order to file for bankruptcy. To fill them out, you will have to gather paperwork from your personal records including: how much you make, where your income comes from, a list of your valuable assets and possessions, and a list of your creditors and how much you owe each of them. The cost of filing for bankruptcy is $299.
When you file for chapter 7 bankruptcy in West Virginia, you will be given exemptions on most of your property. Property that is declared as exempt does not have to be given to your creditors in order to pay off your debts. A few of the exemptions that you will be given include: homestead up to $25,000, retirement benefits for public employees, public welfare assistance, unemployment compensation, tools of your trade up to $1,500, personal property belonging to the head of the household up to $1,000, motor vehicle up to $2,400 etc.