Bankruptcy Attorneys Huntington WV

This page provides relevant content and local businesses that can help with your search for information on Bankruptcy Attorneys. You will find informative articles about Bankruptcy Attorneys, including "What is Bankruptcy?". Below you will also find local businesses that may provide the products or services you are looking for. Please scroll down to find the local resources in Huntington, WV that can help answer your questions about Bankruptcy Attorneys.

Randall L. Trautwein
(304) 523-5400
Suite 700, River Tower, 1108 Third Avenue, P.O. Box 2488
Huntington, WV
 
Stephen J. Golder
(304) 523-2100
401 Eleventh Street, 1100 Coal Exchange Building, P.O. Box 2688
Huntington, WV
 
Herbert J. Stapleton III
(606) 329-8771
1422 Winchester Avenue, P.O. Box 770
Ashland, KY
 
Janet Smith Holbrook
(606) 329-8771
1422 Winchester Avenue, P.O. Box 770
Ashland, KY
 
Charles I. Jones Jr.
(606) 329-1974
1608 Carter Avenue, P.O. Box 1862
Ashland, KY
 
J. Patrick Jones
(304) 529-2391
517 Ninth Street, Suite 1000, P.O. Box 1835
Huntington, WV
 
Michael S. Bailey
(304) 736-0801
642 Main Street, Suite 201
Barboursville, WV
 
Michael K. Lett
(606) 329-2121
510 16th Street
Ashland, KY
 
Donald R. Yates II
(606) 329-2121
510 16th Street
Ashland, KY
 
Anna Holmes Ruth
(606) 325-7179
1620 Carter Avenue, P.O. Box 185
Ashland, KY
 

What is Bankruptcy?

Answer:
Bankruptcy is a legal term used to describe

the inability of a person or organization to repay its debts given the financial assets available to it. Upon the debtor’s discovery that they are unable to pay their debts, they may file their case in a bankruptcy court, which assigns the debtor a court-appointed trustee to help them find a solution.

Depending on the specific type of bankruptcy the debtor has filed his case under, the method of solving bankruptcy may differ. A Chapter 7 bankruptcy is the most common, and is solved by selling all assets the debtor owns, excepting certain exempted assets, such as a house or a car. What assets qualify for exemption depends highly on state and local laws. Debt that cannot be repaid through the selling of assets, also known as liquidation, is discharged.

Chapter 11 bankruptcies are often filed by large businesses or individuals with extremely large debts, and allow the debtor to retain control of its assets while determining a reorganization and repayment plan. Chapter 12 bankruptcies apply specifically to farm owners , who also keep ownership and control of their assets and work out a repayment plan with help from the creditors. A Chapter 13 bankruptcy is similar to a Chapter 11 one, but it applies specifically to individuals.

Although bankruptcy does help to alleviate debts, it affects credit rating severely and may impact an individual’s ability to borrow money in the future. Rather than f...

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