How to Find Bankruptcy Records in West Virginia
What do you Mean by Bankruptcy?
Bankruptcy is also known as insolvency or liquidation. Bankruptcy is a condition wherein a person or a business organization is not able to clear outstanding debts. A legal petition is filed by the individual or the organization declaring to be bankrupt. Asset revaluation is done repaying the outstanding debts.
What are Bankruptcy Records?
Bankruptcy records are the documents that contain details of the bankrupt organization or an individual. Details of organizations like gross income, assets, bank accounts details, shares, real estate and other investments, etc. The records also contain vital information like name, residential or official address, date, Social Security Number, past bankruptcy petitions. The State Laws of West Virginia allows its residents to access bankruptcy records. You can access the records in person or through online mode too.
Bankruptcy is a legal procedure in which the petitioner files all the financial information regarding bankruptcy. The local courts provide a form wherein you need to fill out the details. The court orders the bankrupt organizations to pay off the debts by selling assets or suggests financial re-structuring. The option of liquidation is granted to fishermen and farmers.
How to Find Bankruptcy Records in West Virginia?
Information relating to bankruptcy can be easily accessible through various websites and applications. The data available on these websites are accurate, reliable and updated on a regular basis. One such website is recordsfinder.com. Type in the hyperlink https://recordsfinder.com/bankruptcy in the address bar of the search engine. Enter the required details like first name, last name, city and state name in the tabs. Later, hit the search button. The details of the bankrupt organization or individuals are visible on the screen within a few seconds. You can download the details or print a copy of the same for your reference.
All issues pertaining to bankruptcy come under the federal jurisdiction of the United States of America. The U.S. Bankruptcy Code defines different types of bankruptcies. They are discussed briefly below:
- Chapter 7 or Chapter 13 bankruptcy is applicable to individuals in a specific situation
- Bankruptcy issues relating to districts, cities, towns, villages, and schools come under Chapter 9
- Business bankruptcy come under Chapter 7. Chapter 11 includes liquidation issues.
- Farmers and fishermen debt relief issues dealt under Chapter 12 of bankruptcy.
- Chapter 15 covers bankruptcy issues relating to individuals or organizations from other countries.
Declaration of bankruptcy helps you in relieving the constraint of debt. You will have a clear picture of your financial position. Paying off debts will be easier. You can save your time and financial resources can be channelized to relieve your unpaid debts. Declaration of bankruptcy has its own disadvantages too. For instance, difficulty in securing a loan due to dip in your credit rating, delay in renewing mortgage agreements, low-rate credit cards, or buying a home or an apartment can be tedious.
Large-scale organizations hire an experienced lawyer for resolving bankruptcy related issues. An experienced lawyer will guide you regarding the pros and cons of filing a bankruptcy petition. The attorney or lawyer can charge a small number of fees or commission for the same. Free legal services are available to those organizations that cannot afford to hire an attorney. American Bar Association's Legal Help website and Legal Service Corporations claim to provide free of cost bankruptcy services.
Individuals or sole proprietors can file a bankruptcy petition on their own and this process is popularly known as pro se.
There are two types of bankruptcy forms. Forms in the series of 100 are meant to file bankruptcy for individuals, sole proprietors, or married couples. Forms in 200 series are applicable to large scale industries or corporations, partnerships, or limited liability companies.