Leading bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA outlines why filing for Chapter 7 is often the best route. For more information please visit https://bryankeenanattorney.com
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Opting for Chapter 7 can often be the best route to alleviate financial stresses, leading Pittsburgh, PA., bankruptcy attorney Bryan Keenan has advised.
For more information please visit https://bryankeenanattorney.com
The Founding Partner at Bryan P. Keenan & Associates explained: "While Chapter 7 and 13 bankruptcies are the most common types of bankruptcies, they differ quite a bit.”
Chapter 7 is often better suited for many, something that most Americans are unaware of. However, Keenan made a note of the fact that Chapter 7 is suited for people in certain situations.
Chapter 7 is for people who don't have a lot of home equity and have accrued debt from credit cards, medical bills, and personal loans. It also relates to those who earn below the average income in their state.
"In other words, Chapter 7 is not for high-income filers or anyone who is facing foreclosure or repossession."
He advised that Chapter 7 also offers more advantages to the filer than Chapter 13 bankruptcy. "Filing and completing a Chapter 7 bankruptcy is comparatively quick as it normally takes only four months," he explained. Furthermore, those filing under Chapter 7 are not required to repay unsecured debt, unlike the three-to-five-year repayment plans in Chapter 13.
He added that Chapter 7 also allows filers to safeguard their property. "Many people put filing for bankruptcy on the back burner because they are afraid they will lose their property after declaring bankruptcy."
But he said: "This is not the case for the majority of Chapter 7 filers who keep most or all of their possessions, particularly if they don't have a significant amount of equity."
When someone declares bankruptcy under Chapter 7, their debt slate is largely wiped clean. However, there are exceptions to the types of debts cleared by Chapter 7. Non-dischargeable debts include student loans, income tax debt, and child support/alimony.
He advised that those who own a house and car in a Chapter 7 bankruptcy could maintain that ownership if they haven't fallen behind on payments and can continue paying after filing for bankruptcy and can exempt the amount of equity in the property.
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: 89100803
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