Being bankrupt is not restricted to some states and residents of West Virginia join a huge number of bankruptcy petition applicants from other states. The state of West Virginia follows the constitution of the United States of America and has the ability to make some modifications to the application and proceedings of bankruptcy cases under the state geographical region and bankruptcy laws, but follows the federal government laws too. If one is to file for a bankruptcy petition, the first step is usually to consult an attorney to evaluate one’s case, in some cases the lawyer might come in very handy especially where the creditors opt to appeal against a decision.
Bankruptcy Exemptions:
Since not all the assets of the debtor can be legally sold, there are some exemptions that are provided for by the federal and state laws. Burial money, retirements money, unemployment benefits and any other sentimental properties i.e photos.
Chapter 7 Bankruptcy Laws:
Just as in other states West Virginia records high numbers of petitions under chapter 7 covering bankruptcy. The cases are usually very easy to deal with making it a favorite for many because of how Chapter 7 bankruptcy laws . The court fees for the cases are also low which encourages people to file under the chapter. Proceedings of the chapter 7 are usually easy to deal with since the resolve is to liquidize the assets of the debtors and pay the creditors.
Chapter 13 Bankruptcy Laws:
The other common chapters that are relatively large number of cases fall into is chapter 13. The cases in chapter 13 usually give the debtors the chance to clear their debts or part of their debts within a given time period that ranges between 3 to 5 years. Other chapters such as chapter 11 cover a different condition which means that one has to meet the qualifications set by the state to file for a certain chapter in bankruptcy – Chapter13 bankruptcy laws are more restricted in this case. Most of the other chapters exempt all the assets of the debtors until they pay off their debts.