Legal Question in Bankruptcy in West Virginia

Re: Bankruptcy

The purpose of a petition in bankruptcy is to provide you and your husband a fresh start free of unsecured debt. Most secured creditors will retain the lien on the collateral. This is why many debtors elect to retain their home by continuing to make the payments and the same for a car which is worth what is owed. A debtor has the right to surrender collateral which is not worth the amount of the lien and can even redeem the lien by paying the fair market value to the creditor. A creditor, in the absence of bankruptcy, could bring suit and attach wages, levy on a bank account or place a lien on real estate. Social Security is exempt from attachment and levy, but wages which exceed 30 times the minimum wage is not. You should consult a bankruptcy lawyer to go over all of your situation. It could be that there are alternatives to bankruptcy which are nearly as efficient in securing a fresh start. At least you will know what they can and cannot do. Best Wishes