The global rising demand for exploiting limited shared groundwater resources, coupled with significant water deficit, especially in arid and semi-arid regions, has led to escalating conflicts among stakeholders. As such, using Bankruptcy Theory methods can be an appropriate response to the reallocation of resources. This study introduces a novel approach to weighted Bankruptcy, where the relative importance of stakeholders is determined by their contributions to sustainable development, and the impact of their claims on the shared groundwater resources is considered. The framework is implemented in a two-level bankruptcy process including the plains and their beneficiaries (agriculture, drinking and industry). The proposed two-level weighted bankruptcy process applies to the Neyshabour-Ataiyeh-Sabzevar plains in Iran. The process is implemented for two scenarios including the Baseline scenario related to the present status of demands and the Future scenario associated with the estimated demands for the year 2041. To compare the weighted proposed method with the other weighted methods such as Proportional (WPRO), Constrained Equal Awards (WCEA), Pinile (WPIN), Talmud (WTAL), Constrained Equal Losses (WCEL), Modified Constrained Equal Losses (MWCEL), two categories including the deficit-based and resource-based approaches are considered. According to the stability analysis using the Bankruptcy Allocation Stability Index (BASI) method, among the deficit-based methods, the novel approach is chosen as the preferred method for the beneficiaries’ reallocation like the Sabzevar’s beneficiaries. Accordingly, it allocates 86.95%, 10.86% and 2.17% of the shared resource to the agricultural, drinking, and industrial demands, respectively. Among the resource-based methods, the WPIN method is selected for reallocation between the stakeholders and their beneficiaries in each level and scenario of reallocation. The novel approach offers a promising solution to the water resource reallocation problem, ensuring a more equitable and sustainable management of shared groundwater resources.