Andover Bankruptcy Attorney

Andover Bankruptcy Attorney

Andover Bankruptcy Attorney

Bankruptcy often carries a negative connotation, yet it is a legal provision established by the U.S. government to provide much-needed debt relief to individuals who find themselves in financial distress. It is not the right choice for everyone, but with the guidance of a knowledgeable Andover bankruptcy attorney, you can determine if bankruptcy is the most beneficial option for your unique situation.

Wright Family Law Group is home to a team of skilled attorneys who bring a wealth of experience in bankruptcy law and a deep understanding of the complex legal processes involved. We take a client-centric approach to each case, offering personalized advice tailored to each individual’s unique financial situation. If you are considering bankruptcy, give our team a call to request a consultation.

Common Types of Bankruptcy

When considering bankruptcy, individuals have multiple filing options, with the two most common choices being Chapter 7 and Chapter 13 bankruptcy. Each type of filing has different requirements and will follow a different process.

Chapter 7 Bankruptcy: Also referred to as “liquidation” bankruptcy, this process enables a debtor to discharge most, if not all, of their debts. In certain instances, a court-appointed trustee may liquidate non-exempt property. However, in many cases, debtors can retain the majority of their property. It is important to note that strict income limits apply for qualification under Chapter 7. An Andover bankruptcy attorney can explain how these limits will apply to your situation.

Chapter 13 Bankruptcy: This form of bankruptcy offers an alternative for those who do not qualify for Chapter 7. With Chapter 13, there is an opportunity to negotiate a payment plan with creditors, providing up to five years to repay as much of the outstanding debts as possible. This option allows debtors to keep their property while working toward debt repayment.

Each Bankruptcy Option Comes with Unique Pros and Cons

Chapter 7 bankruptcy is a popular option because it allows for the discharge of most debts and the potential to keep most of your property. However, the downsides include strict income limits for qualification and the possible liquidation of non-exempt property.

Conversely, Chapter 13 bankruptcy provides the opportunity to negotiate a payment plan with creditors and retain your property while repaying debts. The disadvantages include a longer repayment period of up to five years and the possibility that not all debts may be discharged.

Knowledgeable Guidance Can Make Bankruptcy Less Stressful

Navigating through the complexities of bankruptcy requires the guidance of a skilled Andover bankruptcy attorney. At Wright Family Law Group, we possess the knowledge and experience necessary to guide you through the bankruptcy process, enabling you to make informed decisions that are most beneficial for your situation.

Our team at Wright Family Law Group is committed to helping you achieve debt relief. We understand the intricacies of bankruptcy law and offer personalized guidance tailored to your unique financial circumstances.

Contact us today for a free consultation. Take the first step towards securing a fresh financial start with the help of Wright Family Law Group, your trusted Andover bankruptcy attorney.

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