What To Expect From Bankruptcy Assistance In Romney, WV

by | Feb 22, 2017 | Lawyers

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In West Virginia, consumers acquire debt relief through bankruptcy chapters. These chapters provide them with the ability to get better control over their finances. They can also help the consumers manage high volumes of debt more effectively. The following are details about what consumers can expect through Bankruptcy Assistance in Romney WV.

Fast Debt Relief

The consumer can acquire fast debt relief by starting a bankruptcy claim. Once the claim is accepted by the court, the consumer won’t face any legal action from their creditors. They won’t have to worry about paying all debts immediately. The court helps them create a repayment plan to manage these debts. However, to start these claims, they must attend a credit counseling program. The program helps them learn how to manage their finances and settle debts.

An Automatic Stay

The automatic stay protects the consumer. It is through this action that they acquire protection from their creditors. Once the automatic stay is in place, their mortgage lender must stop the foreclosure process. For chapter 13, the automatic stay can last up to 5 years. For chapter 7, it lasts no longer than six months.

Lower Payments for Debts

The repayment plan provided through chapter 13 can provide lower payments for these debts. The plan consists of monthly payments that are submitted to the court. In some cases, the court may require wage garnishment. The monthly payment is divided among creditors and applied to each individual accounts.

The Elimination for Most Debts

Once the bankruptcy claim has been completed, the debts are settled and no longer the consumer’s responsibilities in most cases. If any debts are discharged in the case, they are settled completely. However, any debts included in the case with extensive balances must be settled after the bankruptcy.

In West Virginia, consumers can eliminate their debts through bankruptcy. With a well-planned repayment plan, they can submit a reasonable monthly payment based on the court’s assessment. These options provide them with additional benefits including an automatic stay. Consumers who need Bankruptcy Assistance in Romney WV contact Sherman Law Firm to acquire advice or to file a claim today.

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