There are five different types of bankruptcy available to residents. That is why you must work with a bankruptcy lawyers in Martinsburg, WV, to choose the kind fitting your circumstances the best.
During a Chapter 7 bankruptcy, the court appoints a trustee. It is the trustee’s job to find any non-exempt equity, then these assets are sold and the money given to cover unsecured debts. This type of bankruptcy usually allows people to keep their homes, vehicles needed for transportation to work, and any tools needed for work, among other items.
A Chapter 13 bankruptcy creates a repayment plan. Under this type of bankruptcy, filers usually get to keep their home and vehicles, but they must make payments regularly.
You may hear about Chapter 11 bankruptcies on the news. These plans give companies time to reorganize and create a plan to move forward.
Another option is a Chapter 12 bankruptcy. To qualify, more than 50 % of the debt must be from farm debt or commercial fishing operations. There is a very low limit on the amount of debt that a person can owe and still qualify for this type of bankruptcy, and a repayment plan must be created.
The final type of bankruptcy is Chapter 15. In these cases, the person or corporation must have assets or debts in more than one country.
Many details must be worked out by a bankruptcy lawyers in Martinsburg, WV, before going to court.
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