Far too many Massachusetts residents face a financially crippling debt situation. What may have started out as falling behind on a couple of credit cards has quickly snowballed into tens of thousands of dollars in unpaid debts–with no clear path for paying it back. Inflation, interest rates, the pandemic – there just doesn’t seem to be any relief on the horizon for individuals and families. If you are one of these people, you probably feel isolated and overwhelmed.
But there is a way out. The experienced bankruptcy lawyers at Wright Family Law Group help many people like yourself obtain a fresh start. We can assist you in filing a Chapter 7 or Chapter 13 bankruptcy petition. We will guide you through each step of the process and work with the bankruptcy court and your creditors to obtain the most favorable outcome possible in your case.
There is no shame in filing for bankruptcy. In fact, the bankruptcy system exists to ensure nobody’s life is destroyed by the threat of debt collectors. In many cases, bankruptcy is not the result of some personal failing but rather an external event beyond the debtor’s control, such as losing their job or dealing with a medical emergency.
However, it is important to note that not all bankruptcies are treated the same. Federal law provides several types of bankruptcy proceedings, each identified according to a different chapter of the Bankruptcy Code. The more common chapters we help clients with at Wright Family Law Group include:
Chapter 7– Also known as a “liquidation” bankruptcy, Chapter 7 allows a debtor to discharge most (if not all) of their debts after a court-appointed trustee liquidates the debtor’s non-exempt property. But in many Chapter 7 cases, the debtor actually gets to keep most of their property. However, there are also strict income limits to qualify for Chapter 7, so it is not an option available to many Boca Raton debtors.
Chapter 13– Debtors who do not qualify for Chapter 7 can still seek bankruptcy protection under Chapter 13. The critical difference is that with Chapter 13, your debts are not immediately discharged. Instead, you negotiate a payment plan with your creditors. This can give you up to five years to repay as much of your outstanding debts as possible.
Many people who are contemplating bankruptcy are understandably reluctant to hire a bankruptcy attorney. After all, why take on an additional expense when you are unable to pay your existing bills? But the truth is that bankruptcy is not as expensive a process as you might think. And it may cost you far more to attempt bankruptcy without the assistance of an experienced attorney.
Bankruptcy is not simply a matter of filling out forms. There are a number of rules that need to be carefully followed. If you handle your own bankruptcy and make a mistake, you may end up losing property that you were otherwise entitled to keep or risk having some debts left undischarged. This is why you should always work with a Massachusetts bankruptcy lawyer who understands the process intimately.
We are dedicated to your financial well-being and offer an annual financial plan review to our clients who have completed their bankruptcy case. This program allows you to schedule an in-person appointment to discuss your individual financial situation after bankruptcy. We can assist with budgeting and address any follow-up questions you may have to ensure a successful life after bankruptcy. Avoid pitfalls and embrace the best life possible after bankruptcy. Contact us today for a free consultation if you need advice on your next steps towards bankruptcy.