Filing for bankruptcy under West Virginia bankruptcy laws is unique and comprehensively structured enough to meet certain exigencies.
While the process is much similar to some specific states, like submitting proof of receiving credit counseling, approval of certain agencies during certain time frame and other legal formalities, the flexibility granted under the state mandate is a bit different.
West Virginia bankruptcy laws grant certain exemptions while filing for Chapter 7, and repayment of creditors under Chapter 13 is also quite flexible.
Means test and comparison with the average median benchmark is also quite well structured and tailored enough to manage means.
Bankruptcy process:
- Individual debtors are filing for bankruptcy within a prescribed period of 6 months.
- The bankruptcy act means test, analyzing expenses and incomes to qualify for Chapter 7 or Chapter 13.
- Gathering paperwork for itemizing current income sources.
- Filing for bankruptcy using West Virginia exemptions.
- Chapter 13 requirements and submitting the proposed repayment plan.
- Meeting of creditors and plan confirmation.
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