Danvers Bankruptcy Attorneys

Danvers Bankruptcy Attorneys

Financial hardship can strike anyone, anywhere. Unforeseen circumstances such as divorce or medical conditions can lead to unmanageable debt. When faced with such challenges, bankruptcy might seem like a promising option for relief. However, many people are unsure of where to begin or if they will qualify.

While the protections offered by bankruptcy can be vital for many people, it is not necessarily the best path for everyone. With the guidance of knowledgeable Danvers bankruptcy attorneys from Wright Family Law Group, you can make an informed decision about whether bankruptcy is the right choice for you.

Understanding Bankruptcy: Types and Implications

Bankruptcy comes in several forms, but the most prevalent for individuals are Chapter 7 and Chapter 13. 

• Chapter 7: Also known as “liquidation” bankruptcy, Chapter 7 provides an avenue to discharge most, if not all, debts. Liquidation of assets is possible, but many filers will qualify for exemptions that allow them to keep their property.
• Chapter 13: This type of bankruptcy, also known as “reorganization” bankruptcy, involves negotiating a payment plan with creditors and repaying as much of the outstanding debts as possible over a span of up to five years.

Common Questions about Bankruptcy

Questions and concerns about the bankruptcy process are common, and our Danvers bankruptcy attorneys can provide answers and help ease your stress.

One common concern when considering bankruptcy is the potential loss of property, such as your home. The outcome will depend on several factors, including the type of bankruptcy filed and the equity in your home. In Chapter 7 bankruptcy, there is a risk of losing non-exempt property. However, many debtors utilize exemptions provided by bankruptcy laws to retain their homes. In Chapter 13 bankruptcy, maintaining mortgage payments usually allows you to keep your house.

Another common question is which debts can be discharged. Bankruptcy can help discharge a variety of unsecured debts, such as credit card debt, medical bills, personal loans, and certain tax debts. However, not all debts are dischargeable. For instance, student loans, child support, alimony, and certain tax debts are generally not eligible for discharge. Experienced Danvers bankruptcy attorneys can provide clarity on which of your debts may qualify for discharge.

Navigating Beyond Bankruptcy

At Wright Family Law Group, we understand that life after bankruptcy is a journey. That’s why we offer our clients an annual financial plan review. This service provides an opportunity to go over your individual financial circumstances post-bankruptcy, helping you create a budget and answer any lingering questions. We aim to help you avoid pitfalls and make your life after bankruptcy as positive as possible.

Trust Wright Family Law Group with Your Financial Future

If you’re considering filing for bankruptcy, it’s crucial to seek the right guidance and support. Wright Family Law Group is home to skilled Danvers bankruptcy attorneys who can help you navigate the complexities of bankruptcy law and make informed decisions about your financial future. 

Contact us today for a consultation and take the first step toward regaining control of your financial future.