{"id":6450,"date":"2023-02-14T17:09:24","date_gmt":"2023-02-14T17:09:24","guid":{"rendered":"https:\/\/mcintirelaw.com\/?page_id=6450"},"modified":"2023-05-05T01:08:53","modified_gmt":"2023-05-05T01:08:53","slug":"what-bankruptcy-can-and-cannot-do","status":"publish","type":"page","link":"https:\/\/mcintirelaw.com\/what-bankruptcy-can-and-cannot-do\/","title":{"rendered":"What Bankruptcy Can and Cannot Do Wheeling, WV"},"content":{"rendered":"
If you are considering filing for bankruptcy, it is important to understand what bankruptcy can and cannot do in Wheeling WV. Bankruptcy can <\/span>provide relief for individuals and businesses<\/b> struggling with overwhelming debt. However, it is not a one-size-fits-all solution, and there are limitations to what bankruptcy can achieve.\u00a0\u00a0<\/span><\/p>\n Bankruptcy is a legal process<\/span><\/a> in which an individual or business that cannot pay its debts seeks relief from some or all of its financial obligations. In general, the two most common bankruptcy types are <\/span>Chapter 7 bankruptcy<\/span><\/a> and<\/span> Chapter 13 bankruptcy<\/span><\/a>. Bankruptcy provides a way for people or businesses in financial distress to eliminate or repay their debts while also protecting them from creditor collection actions.<\/span><\/p>\n Getting legal advice from an <\/span>experienced bankruptcy lawyer<\/span><\/a> can guide you through the process and ensure you understand what bankruptcy can and cannot do. A bankruptcy lawyer can help you determine whether bankruptcy is the right option for your specific circumstances and increase your chances of a successful outcome.<\/span><\/p>\n Going through bankruptcy can be tough, and if you\u2019re new to it, it is important to understand what bankruptcy can and cannot do in Wheeling, WV. All of this is tricky business, and coupled with your already growing list of debts; you might think that getting legal advice isn\u2019t for you. However, this proves to be false.\u00a0<\/span><\/p>\n What bankruptcy can and cannot do can be confusing, and that is why it is crucial to have the guidance and expertise of a bankruptcy lawyer. In Wheeling, WV, there are many reasons why you may need a bankruptcy lawyer to advise you:<\/span><\/p>\n If you are considering filing for bankruptcy in Wheeling, WV, the experienced bankruptcy lawyers at Thomas E. McIntire & Associates, L.C. are here to help. Don’t face<\/span> overwhelming debt<\/span><\/a> alone – contact us today to schedule a free debt analysis and learn how we can assist you.<\/span><\/p>\n Before you start your bankruptcy journey, it is important to know what bankruptcy can and cannot do in Wheeling, WV. Bankruptcy provides debt relief, but it also has its limitations. This is where getting legal help is a must since a bankruptcy attorney<\/a> is well-equipped with the knowledge of the <\/span>scope of bankruptcy<\/b> and what type is right for your situation.\u00a0<\/span><\/p>\n In Wheeling, WV, the debts that can and cannot be discharged through bankruptcy are generally the same as those in other jurisdictions. However, the specific debts that can or cannot be discharged may depend on the type of bankruptcy filed and the individual’s unique financial situation.<\/span><\/p>\n Generally, the following debts cannot be discharged through bankruptcy:<\/span><\/p>\n On the other hand, the following debts can potentially be discharged through bankruptcy:<\/span><\/p>\n It is important to note that the dischargeability of debts may vary depending on the individual’s unique financial situation and the type of bankruptcy filed. In order to fully understand what type of bankruptcy is right for your situation, contact a bankruptcy attorney<\/a> from Wheeling, WV.<\/span><\/p>\n No, not all tax debts owed by the filer can be eliminated through bankruptcy. Income tax debts may be eligible for discharge in bankruptcy, but certain criteria must be met.<\/span><\/p>\n Firstly, the income tax debts must be for a tax year that is at least three years old. Additionally, the tax returns for the applicable tax years must have been filed at least two years prior to the bankruptcy filing date, and any tax assessment must have occurred at least 240 days prior to the bankruptcy filing date.<\/span><\/p>\n In addition, any taxes owed due to fraudulent or willful tax evasion cannot be discharged in bankruptcy. Similarly, any tax liens placed on the property prior to the bankruptcy filing will generally not be discharged, although the lien may be removed from the discharged property.<\/span><\/p>\n Bankruptcy can be a complicated process and it isn\u2019t recommended that you navigate this complex world alone. Should you wish to clear your debts, know that there is a limitation to what bankruptcy can and cannot do in Wheeling, WV. Talk to a seasoned bankruptcy attorney<\/a> before making any moves.\u00a0<\/span><\/p>\n Yes, filing for bankruptcy can <\/span>stop wage garnishments<\/span><\/a> and <\/span>creditor harassment<\/span><\/a>. When a person files for bankruptcy, an automatic stay goes into effect, which halts most collection activities by creditors. This means that wage garnishments must stop, and creditors are prohibited from making collection calls or taking other collection actions against the debtor.<\/span><\/p>\n The automatic stay is in effect during the bankruptcy case, and it may provide the debtor with some relief from the financial pressure that led to the filing of bankruptcy. Automatic stay may not apply to certain debts, such as criminal restitution, child support, or tax debts. Talk to a lawyer should you wish to file for bankruptcy<\/a> and learn what bankruptcy can and cannot do in Wheeling, WV<\/span><\/p>\n Bankruptcy can affect co-signed debts in different ways depending on the type of bankruptcy filed and the individual’s unique financial situation.<\/span><\/p>\n In <\/span>Chapter 7 bankruptcy<\/span><\/a>, the debtor’s liability for a co-signed debt may be eliminated, but the co-signers liability would remain unaffected. This is because Chapter 7 bankruptcy discharges the debtor’s personal liability for most unsecured debts but does not affect the rights of creditors to collect from other co-signers or joint debtors.<\/span><\/p>\n In <\/span>Chapter 13 bankruptcy<\/span><\/a>, the debtor’s co-signed debts are treated differently. Co-signed debts are considered priority debts in Chapter 13 bankruptcy and must be paid in full through the debtor’s repayment plan. This means that the co-signer’s liability is not eliminated, but the debtor is provided with a way to repay the debt over time and avoid collection efforts.<\/span><\/p>\n To fully understand what bankruptcy can and cannot do in Wheeling, WV, touch base with a seasoned attorney from Thomas E. McIntire & Associates.\u00a0<\/span><\/p>\n Yes, bankruptcy can protect retirement savings to some extent, as most retirement accounts such as 401(k)s, IRAs, and pensions are often exempt from being seized by creditors in bankruptcy. However, there are limitations to this protection, including caps on the amount that can be protected and varying rules for retirement account exemptions depending on the type of bankruptcy and the state of residency. Additionally, using retirement funds to pay off debts before filing for bankruptcy can impact the amount of protection available for those funds.<\/span><\/p>\n Yes, bankruptcy can protect personal assets from seizure to some extent. The type of bankruptcy filed and the specific assets in question can determine the level of protection offered. In general, certain assets may be exempt from seizure by creditors, such as a primary residence or personal belongings like clothing and household goods.\u00a0<\/span><\/p>\n However, non-exempt assets may be subject to seizure and liquidation to pay off debts. It is important to consult with a bankruptcy lawyer to understand the specific protections available for personal assets under bankruptcy law.<\/span><\/p>\n In conclusion, understanding what bankruptcy can and cannot do is essential for anyone considering filing for bankruptcy. Bankruptcy can provide relief from overwhelming debt, stop creditor harassment and wage garnishments, and protect certain assets from seizure, among other benefits. However, it is crucial to work with an experienced bankruptcy lawyer to navigate the complex bankruptcy process and ensure the best possible outcome.<\/span><\/p>\n The law firm also helps clients overcome hurdles in:<\/span><\/p>\n If you’re considering filing for bankruptcy in Wheeling, WV, Thomas E. McIntire & Associates, L.C. is here to help. Our team of skilled bankruptcy attorneys can provide you with the guidance and support you need to navigate the bankruptcy process and achieve a successful outcome. Be in touch with us today to schedule a<\/span> free debt analysis <\/span><\/a>and learn more about how we can assist you in finding a path to financial stability.<\/span><\/p>\n<\/div><\/div><\/div>Why Do I Need a Wheeling Bankruptcy Lawyer?<\/span><\/h2>\n
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What Can and Can\u2019t Be Discharged in Bankruptcy?<\/span><\/h2>\n
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Does bankruptcy eliminate all tax debts owed by the filer?<\/span><\/h2>\n
Can bankruptcy stop wage garnishments and creditor harassment?<\/span><\/h2>\n
How does bankruptcy affect co-signed debts?<\/span><\/h2>\n
Can bankruptcy protect retirement savings from creditors?<\/span><\/h2>\n
Can bankruptcy protect personal assets from seizure?<\/span><\/h2>\n
Call our Wheeling Bankruptcy Lawyer Now!<\/span><\/h2>\n
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