I am a bankruptcy attorney and I would be happy to assist you. In bankruptcy you are entitled to keep certain assets which are deemed as exempt. In WV, a majority of the assets listed as exempt are found in Chapter 38-10-4 of the State Code
. You can find the Code here:
For example, Section a states that you can exempt a home up to $25,00 in equity
you hold. So if you had a home that was worth $500,000 and you owed the mortgage company $475,000, you would have $25,000 in equity and the house would be exempt and you could keep it.
You can continue to pay on a car and house if you owe money on them in bankruptcy. Make sure you let your bankruptcy attorney know your intention when you decide to file.
You typically can not keep a credit card. If you are filing bankruptcy you have to declare all of your debts. As an attorney we will always advise to discharge your credit card, and you can get a new one after bankruptcy on which you will not owe any money.
Legal fees can be discharged in bankruptcy, as long as they are not pertaining to a recorded judgment or contract
recorded against you in your county. Otherwise they become secured debt.
Unfortunately, Homeowner's Association fees are not typically dischargeable in bankruptcy. Despite this, while in bankruptcy the "automatic stay" goes into effect. This means that the HoA can not attempt to collect the debt against you, any law suits cease while your case is open in bankruptcy and they can not claim further fees and interest while your bankruptcy case is open. This can be very valuable for some in bankruptcy, since it halts all HoA actions allowing the homeowner time to save money or workout a repayment plan
to the HoA.
Most bankruptcy attorneys have free consultations, so if you are interested in filing you should consult with an attorney in your area as soon as possible.
I hope my answer has assisted you and that you will leave me a positive rating!