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Top Bankruptcy Attorney Bryan Keenan Highlights The Myths And Misinformation About Filing For Bankruptcy – Pittsburgh, PA

Considering that filing for bankruptcy is a serious decision, Bryan P. Keenan explained: "If someone is in serious debt, the worst thing they can do is listen to others or rely on the internet to handle the matter. Advice from friends and family can be well-meaning but misplaced due to common myths and misinformation. Individuals should consider speaking to an experienced bankruptcy attorney to discuss their options and assess the best way forward in tackling their debts." For more information please visit  https://bryankeenanattorney.com A common myth that people believe is that if a person files for bankruptcy, they will lose everything they own. Attorney Keenan said: "The overwhelming majority of people who file for bankruptcy do not lose any property. There are state and federal laws that enable individuals to protect their home, car, household goods, and retirement accounts. These laws are designed to give honest people a fresh financial start." Another common myth is that bankruptcy permanently ruins credit and prevents obtaining new credit in the future. "The fastest way to reestablish credit after bankruptcy is to immediately adopt disciplined financial habits and strategically use credit-building tools like secured credit cards and credit-builder loans, while consistently making all payments on time." Many people also mistakenly believe that if they are married, both spouses must file together, which is not the case. Spouses can file individually or jointly. This decision depends on whose name the debts are under and ownership of assets. Attorney Keenan said: "If the unsecured debt is only in one person’s name, then only that individual will need to file for bankruptcy. However, if the unsecured debt is joint, then both parties will have to file for bankruptcy." Attorney Keenan mentioned that another myth frequently encountered is that debtors can only file for bankruptcy once. A person can file for Chapter 7 bankruptcy once every eight years, while a Chapter 13 filing can occur more frequently. There are different waiting periods, and the rules are complex regarding the timing between different types of filings. Another mistake individuals sometimes make is taking on additional credit cards when existing debt is already out of reach. "This only adds to the spiral of debt and makes it even more unlikely that a person will be able to regain financial stability," he said. "Additionally, a court reviewing a bankruptcy filing may dismiss it if it appears to be made in bad faith due to taking on more debt than could reasonably be repaid." Borrowing from retirement plans to pay current debts is another misstep people make. Retirement loans are not dischargeable in bankruptcy and must be repaid. Another common mistake is withdrawing funds from a retirement account, which creates a taxable event. Similarly, if a person decides to secure a home equity loan or pursue a cash-out refinance to cover debts, the individual may be placing the home at risk if property loan repayments cannot be maintained. Attorney Keenan concluded that by seeking the advice of an experienced bankruptcy attorney, individuals can learn firsthand how bankruptcy may help them achieve a fresh financial start. "Knowledge is power, and it needs to come from a professional who has handled these matters." Source: http://RecommendedExperts.biz