Can I keep my house in a Chapter 11 bankruptcy?

Yes, you can keep your house in a Chapter 11 bankruptcy under West Virginia law. Chapter 11 bankruptcy is typically used by individuals seeking to reorganize their debt, as well as businesses that are looking for protection from their creditors. Under this bankruptcy, a payment plan is created to allow the debtor to pay off their debt over a certain period of time. In West Virginia, when filing for Chapter 11 bankruptcy, you can keep your house if the mortgage payments are current and you have enough equity in your property. The court will assess your financial situation and come up with a payment plan that works for both you and your creditors. This plan will include a payment schedule that outlines how much you need to pay each month and for how long. Your property may be protected even if you are behind on your mortgage payments. The court may allow you to catch up on your debt over a set amount of time. However, if your equity in the property is not significant, the court may require you to surrender your house to your creditors as part of the payment plan. When filing for Chapter 11 bankruptcy in West Virginia, it is important to understand your rights and to seek the help of a bankruptcy attorney to ensure you understand and comply with the law. An experienced bankruptcy attorney can help you create a payment plan that works for you and protects your property.

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