People in West Virginia have different jobs and different levels of income. These jobs and income levels generally govern what people can afford. People need to make monthly budgets to ensure that they can meet their needs and know what extras they can afford. Part of the monthly budget can include payments for various debts. These could include mortgages, car payments, credit card payments and other types of debts as well.
Having this debt is not a big concern as long as people can continue to make the monthly payments for each debt. This is usually not a problem but if unexpected events arise such as a lost job or suffering from a major injury or illness, it can affect people’s income and making the monthly payments can be difficult. This could lead to people needing to take additional debt to keep up with all of their obligations. This can create a very difficult situation where people may wonder if they will ever rid themselves of the debt.
Basics of Chapter 7 bankruptcy
People who find themselves in this difficult situation may have options though. One of those options is filing for Chapter 7 bankruptcy. When people start this process, creditors need to stop contacting them to collect on the debt. This by itself can be a huge relief. During the process people will need to list their debts and a trustee will oversee what property may need to be liquidated to pay various debts. However, there are a number of essential property items that are exempt from this and people will keep this property. The process ends with any remaining debt being discharged meaning people no longer have an obligation to pay it and creditors cannot try to collect it in the future.
There are many people in West Virginia who find themselves with overwhelming debt. This can create a difficult and stressful situation, but people have options to free themselves from the debt. One option is Chapter 7 bankruptcy. Through this process people can achieve a fresh start. This can be a complicated process though and consulting with experienced attorneys could be beneficial.