Cambridge Bankruptcy Lawyer

Cambridge Bankruptcy Lawyer

Facing debt that continues to grow can be overwhelming. Whether it’s due to a divorce, a medical condition, or other unforeseen circumstances, it’s a situation no one wants to find themselves in. Here at Wright Family Law Group, we understand the stress and anxiety that come with financial problems. Bankruptcy may not be the right choice for everyone, but working with a knowledgeable Cambridge bankruptcy lawyer can help you decide if it is a good choice for you. 

Common Concerns About Bankruptcy

It’s normal to have concerns when considering bankruptcy. Our team of skilled attorneys can provide answers to some of your most pressing questions, such as:

Are there different types of bankruptcy filings available?

There are several types of bankruptcy filing to choose from, with certain types being reserved only for individuals and others being used strictly for businesses. The most common filing types for individuals being Chapter 7 and Chapter 13 bankruptcy. After a detailed evaluation of your current finances, our lawyers will help you decide which type of bankruptcy filing is most suitable for your situation. 

In short, Chapter 7 involves the potential liquidation of assets, while Chapter 13 establishes a repayment plan. Each filing type has potential advantages and disadvantages, and your Cambridge bankruptcy lawyer can help you understand these options.

Will I lose my house if I file bankruptcy?

In many cases, those who file for Chapter 7 bankruptcy are not required to sell or liquidate their assets. The bankruptcy code provides exemptions that protect certain types of property from being included in the bankruptcy estate, including items such as a primary residence. For those filing under Chapter 13 bankruptcy, a repayment plan is established instead of liquidating assets.

Each situation is unique, and a detailed review of your specific circumstances is necessary to determine which assets you may be able to keep.

Which debts can be discharged?

Once all necessary steps have been completed, your remaining debts will be discharged, which means they are removed from your record. This includes both Chapter 7 and Chapter 13 filings. However, it’s important to consult with a bankruptcy attorney to understand the specific rules that apply in your jurisdiction.

Skilled Cambridge Bankruptcy Lawyers at Your Service

When dealing with bankruptcy, it’s crucial to have reliable advice and guidance. At Wright Family Law Group, our Cambridge bankruptcy lawyers are ready to assist you every step of the way. From assessing your situation and gathering financial documents to helping you understand the difference between Chapter 7 and Chapter 13 bankruptcy, we’re here to provide the support you need.

Our ultimate goal is to ensure your life after bankruptcy is not only manageable but prosperous. We offer an annual financial review for individuals who have completed the bankruptcy process, providing guidance on budgeting, and answering any lingering questions.

Remember, help is available for bankruptcy cases. Let a skilled Cambridge bankruptcy lawyer from Wright Family Law Group help you make an informed choice about filing bankruptcy. Contact us today for a consultation and start paving the way toward a more secure financial future.