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Woburn Bankruptcy Attorneys

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Woburn Bankruptcy Attorneys

Woburn Bankruptcy Attorneys

When debts grow beyond your ability to manage them, it can be a daunting experience, often leading you to feel helpless and uncertain. Options are available to help you regain control of your finances, including bankruptcy.

Deciding it’s time to file for bankruptcy is not easy, but it may be the right solution for some. The experienced Woburn bankruptcy attorneys at Wright Family Law Group can guide you through this complex process. We provide each client with the essential information and guidance needed to complete the bankruptcy process successfully and efficiently, addressing common concerns and questions to facilitate informed decisions about your financial future.

Keeping Your Assets and Property

Fear of losing assets and property is a common concern when considering bankruptcy. In a Chapter 7 bankruptcy, a court-appointed trustee may liquidate non-exempt property to repay creditors. However, there are exemptions that allow many individuals to retain most, if not all, of their property. Exemptions are available under both federal and state law, and in Massachusetts, filers may choose which set of exemptions to follow. However, you will not be allowed to take exemptions under both lists – only one or the other.

The skilled Woburn bankruptcy attorneys at Wright Family Law Group help you understand these exemptions, help you determine which set of exemptions is most beneficial for your case, and work diligently to protect your assets.

Understanding the Bankruptcy Process

Bankruptcy filings primarily fall into two categories: Chapter 7 and Chapter 13. 

  • Chapter 7, or “liquidation” bankruptcy, allows for the discharge of most debts following the liquidation of non-exempt property. It requires meeting strict income limits to qualify. 
  • Chapter 13 bankruptcy involves negotiating a repayment plan with creditors, offering up to five years to repay outstanding debts. While this form of bankruptcy may require continuing payments on your debts for several years, it may also allow you to keep certain property.

The knowledgeable attorneys at Wright Family Law Group can help you determine which filing type is the best option for your situation. Our team will guide you through each phase of the bankruptcy process, ensuring compliance with all requirements and safeguarding your rights.

Debts Discharged through Bankruptcy

Both Chapter 7 and Chapter 13 bankruptcy filings offer the opportunity to discharge certain types of debts. Chapter 7 bankruptcy allows for most unsecured debts, like credit card bills and medical debt, to be discharged. Chapter 13 bankruptcy allows for the repayment of a portion of your debts, discharging the remaining balance at the end of your repayment plan. Our experienced Woburn bankruptcy attorneys can help you understand which debts can be discharged in your specific case, striving for the best possible outcome.

Seeking Help for Your Bankruptcy Case

Filing for bankruptcy can be a complex and stressful experience. The guidance of a skilled bankruptcy attorney can help to protect your rights and achieve an optimal outcome. The Woburn bankruptcy attorneys at Wright Family Law Group possess the knowledge and experience to navigate the bankruptcy system effectively. Offering a professional consultation to assess your situation, they provide personalized advice on the next steps. Contact our office today to learn more about how we can help you.

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