What is the purpose of bankruptcy law?

The purpose of bankruptcy law in West Virginia is to provide individuals and businesses with a legal way to deal with financial distress. Bankruptcy laws allow debtors to reorganize their finances and to get a fresh start in their financial lives. Bankruptcy is a legal process that allows debtors to either obtain a reduction in their debts or to discharge some or all of their debts altogether. For individuals, filing for bankruptcy can provide relief from overwhelming debt, as well as give them a chance to rebuild their credit. For businesses, it may also provide an opportunity to reorganize and develop a successful business plan that can lead to recovery. Bankruptcy law also serves to protect debtors from creditors who are attempting to recover debt. Creditors are legally required to stop any collection attempts during the bankruptcy process. This can help individuals and businesses develop an effective strategy to deal with their debt without the fear of collection calls or harassment from creditors. Additionally, bankruptcy law helps ensure that debtors are treated fairly in the bankruptcy process and that creditors receive fair and timely payments. Bankruptcy can be a difficult and confusing process, and bankruptcy law provides guidance and protection to debtors to ensure a fair and orderly resolution of debt.

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What is the purpose of bankruptcy law?

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