West Milford, WV asked in Bankruptcy for West Virginia

Q: I am facing foreclosure on my only home can I file bancruptcy to avoid being thrown out of my home?

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1 Lawyer Answer
Andrew Bresalier
Andrew Bresalier

A: A: Filing a Bky will Stay (Stop) a foreclosure; however, unless you file a Chapter 13, which requires payments, your time will be very limited. Additionally, Debt is not the only thing to look at when considering Bky. Income must be examined to confirm you pass the Means Test (income is compared to those in your community). You must also examine transfers/sales (court could reverse transfers or sales for less than market value) and exemptions (you could lose personal property such as a car). Most attorneys provide a free initial consult and discuss these matters, along with the best chapter for you.

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