Charleston Chapter 13 Bankruptcy Attorney

Facing financial burdens is an extremely stressful experience. When you don’t know how you’ll pay your bills, you may have fears about keeping a roof over your head, feeding yourself and your family, and meeting your basic needs. What’s more, the stress of constant calls from creditors and the threat of lawsuits or repossession can be overwhelming.

While extreme amounts of debt may leave you feeling hopeless, there are solutions available. At the office of Hinkle Law, PLLC, our Charleston Chapter 13 bankruptcy attorney can help you to understand your options, such as filing for a Chapter 13 bankruptcy, as well as guide you through the process. Call or text today to learn more.

Should I File for Bankruptcy?

If you are facing large amounts of debt, bankruptcy may be a good option. However, it’s important that you speak to a financial professional first, as filing for bankruptcy is a big decision that can have long-term financial consequences.

Before you file for bankruptcy, we recommend reviewing your other debt management options, such as debt consolidation, refinancing your mortgage, and debt negotiation. If you have already exhausted these options, filing for bankruptcy may be the right thing for you.

What’s the Difference Between a Chapter 7 and Chapter 13 Bankruptcy

If filing for bankruptcy is the right path for you, then you’ll want to learn more about the two primary types of bankruptcy for individuals: Chapter 7 and Chapter 13.

A Chapter 7 bankruptcy, often called a liquidation bankruptcy, is for debtors who have no or little income and no way to repay even a portion of their debts. In fact, to be able to qualify for this type of bankruptcy, a debtor must pass a means test—a type of test that considers their income and determines whether their income is less than the state’s median income. In a Chapter 7 bankruptcy, a debtor’s nonexempt assets will be liquidated and the proceeds will be used to repay debtors; other debts will be discharged.

A Chapter 13 bankruptcy, or a wage earner’s plan, is for debtors who have a source of income and are able to pay back a portion of their debts as such, Through a Chapter 13 bankruptcy, the debtor will work with the bankruptcy court to develop a repayment plan that lasts for three to five years. At the conclusion of the three-to-five-year period, remaining debts will be discharged.

The Advantages of a Chapter 13 Bankruptcy

While having to repay a portion of your debts may not sound as appealing initially as having all of your debts discharged, filing for a Chapter 13 bankruptcy has a number of advantages compared to a Chapter 7. For example, a debtor who files for a Chapter 13 bankruptcy has a greater likelihood of being able to keep more of their assets, including their home. In addition to keeping more assets, a Chapter 13 bankruptcy also stays on one’s credit report for less time than does a Chapter 7.

Will a Chapter 13 Bankruptcy Impact My Credit Score?

One thing that many debtors do not originally realize when they are considering filing for bankruptcy is that filing for bankruptcy will indeed impact one’s credit score. A Chapter 7 bankruptcy will stay on a credit report for 10 years, and a Chapter 13 bankruptcy will remain on a credit score for seven years. The hit to your credit can make it hard to get a loan, buy a home, or open a new line of credit. In some industries, it can also make it hard to get a job if a credit check is required. However, the disadvantages to filing for bankruptcy are often outweighed by the advantages. If you are drowning in debt, doing nothing is not a good option.

One more thing to note about filing for bankruptcy is that filing for bankruptcy will not result in all of your debts being discharged, regardless of whether you’re filing for a Chapter 7 or a Chapter 13. This is because some debts cannot be discharged in a bankruptcy filing. Types of debts that typically cannot be discharged include child support debts, alimony debts, and student loan debts.

How a Chapter 13 Bankruptcy Attorney in Charleston, WV Can Help

If you are thinking about filing for bankruptcy, it’s strongly recommended that you work with a Charleston, WV bankruptcy attorney. A bankruptcy attorney will be able to explain to you the different types of bankruptcy, determine your bankruptcy eligibility, and guide you through the process of filing for bankruptcy. Here are some ways that our Chapter 13 bankruptcy attorney can help:

• Explain to you your options for dealing with your debt;
• Help you to understand the differences between a Chapter 13 and a Chapter 7 bankruptcy;
• Gather all of the financial documents and paperwork you’ll need to file for bankruptcy;
• Explain the mandatory credit counseling requirement for bankruptcy and help you to find an approved credit counseling agency;
• Representation during your Chapter 13 bankruptcy hearings;
• Work with you and your creditors to develop a debt repayment plan that the court will approve; and
• Answer all of your questions about bankruptcy, what assets are exempt and nonexempt, what you’ll need to pay, what debts will be discharged, and more.

Call Our Charleston Chapter 13 Bankruptcy Attorney Today

At the office of Hinkle Law, PLLC, we understand that facing large amounts of debt and thinking about filing for bankruptcy can be intimidating and overwhelming. The process of dealing with debt can be scary, and you may have dozens of questions about filing for bankruptcy and a lot of hesitancy. When you call our Chapter 13 bankruptcy attorney in Charleston, WV, you can count on our bankruptcy law firm to patiently answer your questions, guide you through everything you need to know, and offer you the support that you’re looking for. Our judgment-free office is a safe place to get the information you need and make a decision that’s right for your future. To learn more about our services and how our Charleston Chapter 13 bankruptcy attorney can help you, call us today or send us a message at your convenience. We are here for you.