Newton Bankruptcy Lawyers

Newton Bankruptcy Lawyers

Embarking on the journey of filing for bankruptcy may initially seem daunting. However, it is essential to remember that bankruptcy is a government-regulated form of debt relief. It is a legal process designed to assist those burdened by insurmountable debts. While the decision to file for bankruptcy may appear negative at first glance, it can serve as a gateway to a fresh financial start in life.

The decision to file bankruptcy should be considered carefully and include a thorough review of all financial obligations and viable options. Guidance from experienced Newton bankruptcy lawyers can illuminate the path and help determine the best route forward for each unique financial situation.

At Wright Family Law Group, our attorneys have helped many families escape the stress and pressure of unmanageable debt, and we are here to help you, too. When you request a consultation with our team, we’ll begin by explaining all your potential options, including Chapter 7 and Chapter 13 bankruptcy.

Chapter 7 Bankruptcy: A Clean Slate

Chapter 7 bankruptcy is a frequently chosen filing option in Massachusetts. It provides debtors with the opportunity to discharge most, if not all, of their debts. The path to this fresh start involves a court-appointed trustee who liquidates non-exempt property. However, exemptions allow most debtors to retain all or most of their property.

Eligibility for Chapter 7 bankruptcy is determined by strict income limits. It is a process involving several key steps:

1. Eligibility determination based on income limits
2. Completion of necessary bankruptcy forms
3. Attendance at a Meeting of Creditors
4. Anticipation of the court’s decision on the discharge of debts

Despite these requirements, many clients that our Newton bankruptcy lawyers work with find that the advantages of discharging most debts and retaining most property often outweigh the disadvantages.

Chapter 13 Bankruptcy: A Structured Repayment Plan

For those who do not qualify for Chapter 7, Chapter 13 bankruptcy emerges as another popular filing option. This method allows debtors to negotiate a payment plan with their creditors, providing them with up to five years to repay as much of their outstanding debts as possible.

While Chapter 13 does not immediately discharge debts, it offers the advantage of a structured repayment plan to manage debts over time, potentially repaying a portion of outstanding debts. The steps to complete a Chapter 13 bankruptcy filing process include:

1. Determination of eligibility based on income and debt levels
2. Development of a repayment plan with the help of a bankruptcy attorney
3. Submission of the repayment plan to the court for approval
4. Regular payments to the bankruptcy trustee
5. Completion of the repayment plan within the designated timeframe

Take Control of Your Financial Future with Wright Family Law Group

If you are considering filing for bankruptcy, the experienced Newton bankruptcy lawyers at Wright Family Law Group stand ready to assist you. We understand that every financial situation is unique, and we approach each case with the sensitivity and dedication it deserves. 

Our team will guide you through the bankruptcy process, ensuring you understand each step and helping you make informed decisions about your financial future. Contact us today for a free consultation and let us help you embark on your journey to financial freedom.