Chapter 13 Bankruptcy in Martinsburg
We’ll guide you through everything you need to know about Chapter 13 Bankruptcy in WV to take the steps to a fresh start today.
The attorneys at Hinkle Law can tell you everything that you need to know about Chapter 13 bankruptcy. Although most bankruptcy cases filed in West Virginia are filed under Chapter 7, the attorneys at Hinkle Law are some of the most experienced Chapter 13 bankruptcy lawyers in WV.
Chapter 13 is often called a “personal reorganization” bankruptcy or a “wage earner” plan. There can be some advantages to filing a Chapter 13 over Chapter 7. At Hinkle Law, almost all of the Chapter 13 bankruptcy cases that we file in WV are for people who are looking to get caught up on mortgage payments or for people who make too much money to file for Chapter 7 bankruptcy.
However, you should not be discouraged if your income requires that you file a Chapter 13 Bankruptcy. There are many advantages to filing a Chapter 13 bankruptcy compared to trying to deal with your creditors on your own. A Chapter 13 bankruptcy in WV allows you to set up a plan to repay your debts. The plans typically last 5 years, although some people may qualify for a three-year plan.
During the repayment plan, you are protected from all debt collection activity, including:
- phone calls
- wage garnishments.
In a Chapter 13 repayment plan, all of your creditors have to participate in the plan. Your lawyer will help you determine how much you can afford to pay into the plan on a monthly basis, and that is typically all that your creditors are entitled to receive.
Often, unsecured creditors, like credit cards and medical bills, only receive a fraction of what you’ll be required to pay them outside of bankruptcy. When you couple this with the possibility of being able to modify your car payments or being able to get rid of a second mortgage, Chapter 13 can completely change your financial outlook for the better.
There are many bankruptcy lawyers in West Virginia who do not take Chapter 13 cases. At Hinkle Law, we probably file more Chapter 13 cases than most lawyers in the state. Because of that, we can properly advise you of your rights and get you a fresh start. Contact us today for a free consultation.