Nov 6, 2023
Top bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA debunks Chapter 13 myths, clarifying its benefits, dispelling misconceptions, and recommending professional guidance for those considering this type of bankruptcy. For more information please visit https://bryankeenanattorney.com
Pittsburgh, PA, United States - November 6, 2023 —

Taking the initiative and declaring a Chapter 13 filing are usually derailed by a person's fears or myths about their future financial well-being, Bankruptcy Attorney Bryan P. Keenan has revealed.
For more information please visit https://bryankeenanattorney.com
A Chapter 13 bankruptcy normally enables individuals with regular income to develop a plan to repay all or part of their debts as part of a repayment plan to creditors over a three or five-year period.
In an enlightening interview this week, Keenan demolished several perceptions that he regularly hears or experiences with clients seeking critical advice on what to do before they drown in a financial black hole.
"Perceptions seem far stronger around Chapter 13 and what that means than the reality of the situation people find themselves in," said the Founder of Bryan P. Keenan & Associates, PC, of Pittsburgh.
“One of those misconceptions is the fact that a person may lose their house due to filing for Chapter 13," he said. "It couldn't be further from the truth. If anything, filing for Chapter 13 will enable someone to save their home if they are behind on mortgage payments."
Keenan said: "Another fear that I have heard is that a person has to pay all their debts. That isn't the truth." Under Chapter 13, a person is not compelled to repay all their debts.’’
"What debt you pay back will be calculated on your disposable income and equity in assets over and above the bankruptcy exemptions," he advised. A bankruptcy exemption is the amount of equity in property a person can have if they have property that exceeds the allowable amount; they can repay creditors that amount over a three to five-year period.
He added: "In most cases, you are not required to repay any unsecured debt, such as medical bills and credit cards.’’
"However, a Chapter 13 filing will not magic away all debt. Some unsecured debts, like student loans, are only dischargeable in some situations. But for secured debts, like a home mortgage, Chapter 13 bankruptcy empowers you to eliminate this debt on your own terms over a period of time."
Fear that people can't sell their homes if they opt for bankruptcy is not necessarily the care. He added: "You can sell your house, keep the exempted proceeds for yourself, and any monies left over will be used to help clear your debts."
Keenan acknowledged that filing for Chapter 13 bankruptcy can result in a decreased credit score, but the individuals filing for bankruptcy likely already possess low credit scores. Nevertheless, a bankruptcy filing serves as evidence of their commitment to reducing debt and improving their credit score to more favorable levels.
Another perception is that a person can never fully recover from bankruptcy. Keenan said a filing is more trying to assert better control of their finances and managing those elements of their life as it slowly spirals out of control.
Bankruptcy tends to flip that brief as creditors cannot pursue and apply pressure for money that people cannot afford to give. Keenan said: "Bankruptcy allows people to regain control over debt arrangements. Equally, bankruptcy should not be viewed as a personal failure. It gives you a chance to start over afresh."
He also sought to re-assert a misunderstanding that people can only file once for bankruptcy. Bankruptcy is available, but there is usually a discharge waiting period between each to discourage multiple filings.
This discharge depends on a number of conditions, but a Chapter 13 to Chapter 13 period is normally two years, while a Chapter 13 to Chapter 7 is six years.
He urged anyone considering filing to seek professional guidance from an experienced attorney to talk them through the process and to ensure they fully understand the potential ramifications of filing for Chapter 13.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Bryan Keenan
Email: Send Email
Organization: Bryan P. Keenan & Associates
Address: 993 Greentree Rd #101, Pittsburgh, PA 15220,
Phone: 412-922-5116
Website: https://bryankeenanattorney.com
Release ID: 89111887
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