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Things to Consider When Filing for Chapter 7 Bankruptcy

Bankruptcy is something that no business wants, but many experience. Now, whether yours was the result of poor management or customer error, there are many laws in West Virginia that have been made to help you pay off your debts within the legal limits. And one such law is the Chapter 7 Bankruptcy law. 

Also known as Liquidation bankruptcy, this one has its own set of rules and requirements that you should be aware of. Some of the most important ones have been listed below:

1. The Eligibility Rule 

A reputable attorney like the Charles Town chapter 7 bankruptcy attorney states that not every business is eligible for Chapter 7 bankruptcy. You can apply for it:

  • Only if your annual business income is equal to or less than $76,273.00.
  • Only if you’re able to provide all sorts of legal documents. 

Also, if your annual income is higher but so are your expenses, you might still be eligible for Chapter 7 Bankruptcy. Contact the experienced attorneys at Hinkle Law PLLC for more details on eligibility. 

2. Documents of Importance 

There are certain documents that any reputable attorney will need before they are able to help you. Some of those documents are listed below for your reference: 

  • Paystubs and bank statements of, at least, the last six months. 
  • Federal and state tax returns of the last two years. 
  • Documents related to all your financial assets and bank accounts. 
  • Car loan documents and mortgage documents. 

Also:

  • It’s necessary that you inform your attorney if you have been in touch with your creditor(s).
  • It’s necessary to provide documentation of all your outstanding debts. 

Other than these, you should also know the different ways – listed below – in which a Charles Town Chapter 7 attorney can help you:

  • They’ll legally protect you from harassing calls and legal notices. 
  • They will design the best financial strategies to clear off all of your debts. 

So, if you’re struggling from unsettled debts due to bankruptcy, don’t forget to contact the attorneys at Hinkle Law PLLC.