West Virginia Commercial Lawyers
Commercial Law
We are skilled in all matters of commercial law and are ready to answer your questions regarding taxation, creditor's rights, local government issues, business organization, and general commercial transactions. Some examples of the areas of commercial law where we represent clients include:
Bankruptcy
When an individual or business cannot meet its financial obligations, it may begin a process of bankruptcy for protection. Bankruptcy is governed by the Federal Bankruptcy Code, a complex body of law. The most common form of bankruptcy is Chapter 7 otherwise known as "liquidation" bankruptcy, which cancels your debts. Under this section of the code, the bankruptcy court may sell off or liquidate some of your property for the benefit of your creditors.
Chapter 13 bankruptcy is another type of bankruptcy. Chapter 13 bankruptcy is sometimes called reorganization bankruptcy. Unlike Chapter 7 bankruptcy, which wipes out most of your debts, Chapter 13 bankruptcy uses your income to pay your creditors some or all of what you owe to them. These payments are made over a period of time, from three to five years, depending on your income and debts. The heart of Chapter 13 bankruptcy involves a structured repayment plan to discharge your debts.
Once a bankruptcy proceeding ends, your liability ends. When the bankruptcy court enters a discharge order in a Chapter 7 case, or the payments have been completed according to the repayment plan in a Chapter 13 case, you are discharged from your debts and can start over with a clean financial slate. The record of your bankruptcy will remain on your credit record for up to ten years.
In cases of extreme financial hardship, bankruptcy may be the only solution. An attorney skilled in bankruptcy law can tell you if it is the best solution for you.
Secured transactions
A security interest arises when in exchange for a loan a borrower agrees, in a security agreement, that the lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan. A security interest also provides the secured party with the assurance that if the debtor should go bankrupt he or she may be able to recover the value of the loan by taking possession of the specified collateral instead of receiving only a portion of the borrower’s property after it is divided among all creditors. Security agreements are contracts. Article 9 of the Uniform Commercial Code governs security interests in personal property.
