{"id":5913,"date":"2021-04-30T13:02:50","date_gmt":"2021-04-30T13:02:50","guid":{"rendered":"https:\/\/mcintirelaw.com\/?p=5913"},"modified":"2023-05-05T01:25:57","modified_gmt":"2023-05-05T01:25:57","slug":"how-a-west-virginia-involuntary-bankruptcy-works","status":"publish","type":"post","link":"https:\/\/mcintirelaw.com\/how-a-west-virginia-involuntary-bankruptcy-works\/","title":{"rendered":"How a West Virginia Involuntary Bankruptcy Works"},"content":{"rendered":"

You may be familiar with how voluntary bankruptcy works. If a person is overwhelmed by financial problems from credit card debt, medical bills, student loan debt, and tax debt, they may choose to go through the bankruptcy procedure. Once filed, the court orders an automatic stay, preventing collection agencies from pestering the debtor.\u00a0<\/span><\/p>\n

Depending on the bankruptcy chapter, a bankruptcy trustee may liquidate the debtor\u2019s assets to pay off the creditors, or the debtor may reorganize their debts with a payment plan. After bankruptcy, some types of debt may be discharged, and the debtor no longer has a personal obligation to pay them. A voluntary bankruptcy under the US bankruptcy code gives the debtor a chance at a fresh start towards a secure financial future while letting creditors reclaim some repayment.\u00a0<\/span><\/p>\n

On the other hand, an involuntary bankruptcy is filed by the creditors. Once they\u2019ve filed the bankruptcy petition in court, the debtor has the opportunity to file an objection. The court will decide whether to dismiss or proceed with the case.\u00a0<\/span><\/p>\n

A debtor is given 21 days to respond to the filing before the proceedings begin. If the bankruptcy court favors the creditors with their ruling or fails to respond, the debtor is placed into bankruptcy.<\/span><\/p>\n

Don\u2019t wait until your creditors file bankruptcy<\/a> for you. Consult our <\/span>Wheeling bankruptcy lawyers<\/span><\/a> to talk about your options for debt relief, such as which chapter among the types of bankruptcy is for you.<\/span><\/p>\n

<\/span>What are the Qualifications to File an Involuntary Bankruptcy?<\/span><\/span><\/h2>
\n