Top Bankruptcy Attorney Bryan Keenan Assesses Chapter 7's Benefits - Pittsburgh, PA
Jun 29, 2023
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
Pittsburgh, PA, United States - June 29, 2023 —
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
If you detect any issues, problems, or errors in this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 8 hours.
More News
Tesla Debuts 2026 Roadster, an EV Sports Car at Least $200,000
Elon Musk’s company and other automakers, like Jaguar and Bentley, are trying to sell very expensive electric cars to people who usually prefer gasoline-fueled luxury and performance.
What Allegations of Spying at OpenAI Mean for the A.I. Industry
The arrest of an OpenAI employee accused of planting a bug in an office of the artificial intelligence giant flags another concern for the industry.
AI giant Anthropic woos potential investors ahead of stock market debut
It comes as some investors have become concerned about the amount of money being spent on AI infrastructure.
Families of Sailors Killed in Gulf Struggle for Compensation and Closure
Attacks near the Strait of Hormuz have claimed the lives of at least 25 seafarers. Their survivors are reeling.
Chinese Carmakers, Once a Sideshow, Take Center Stage at Paris Motor Show
At this week’s Paris Motor Show, there are no signs the influx of low-cost Chinese vehicles will slow despite European Union efforts.
Thousands of NI workers to get pay bump as Real Living Wage rises
About 6,000 workers in NI are paid the Real Living Wage - which is voluntarily paid to reflect the cost of living.
Graphics: China advances two-way opening-up of its financial markets
Graphics: China advances two-way opening-up of its financial markets
Bank of America Fined $1.2 Billion for Lax Money-Laundering Oversight
Federal regulators said the bank had waved through suspicious transactions without proper care.
Musk Blames Tycoon for Stalling Satellite Internet Access in India
As Starlink seeks permission to operate in India, a recent protest in New Delhi showed how quickly authorities can cut off mobile internet access.
How backlash against data centres could shape the US midterm elections
Democrats and Republicans alike are coming out against data centre development, amid growing backlash across the US.
As Christmas rush looms, how do China-made toys find their way to the US?
With the festive season on the horizon, we trace toys from factories in China to US shelves.
How much is the minimum wage?
What are the National Minimum Wage and the National Living Wage, and how much are they worth?
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.