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In a recent interview, top bankruptcy attorney Bryan Keenan, founder at Bryan P. Keenan & Associates, P.C. in Pittsburg, PA, revealed the truth about Chapter 7 that debt settlement and debt relief salespeople don’t talk about.For more information please visit http://bryankeenanattorney.com/
When asked to comment, Keenan said, “In my experience debt settlement and relief companies aren't always transparent when it comes to stating the positive realities of declaring bankruptcy, particularly Chapter 7."
"This sales tactic of not being open and upfront about the 'clean slate' positives of bankruptcy compared when compared with debt relief often works, as Americans - many of whom are buried under a mountain of debt - think bankruptcy is the worst option."
One thing that debt settlement or debt relief representatives ignore is that rebuilding credit after Chapter 7 is relatively easy if you opt for bankruptcy.
When asked to elaborate, Keenan commented, “The majority of people in debt tend to put bankruptcy on the backburner out of fear that filing will destroy their credit. But the truth is this: although filing for Chapter 7 will show up on your credit report for 10 years, however; you can still get a credit card or loan shortly after your case is completed.”
Keenan was quick to add that most people who file for Chapter 7 receive credit offers in the mail almost immediately after their debt is discharged.
“Filing for bankruptcy closes the ongoing collection accounts, something which shows up on your consumer credit reports. When a creditor sees that someone has declared bankruptcy, they see this as the consumer stepping in the right direction to tackle debt and are more willing to make offers.” Your debt to income ratio improves drastically now that you are no longer responsible to pay on the credit card debt.
Representatives who are selling debt relief programs also fail to mention how quickly a Chapter 7 filer can get back on their feet.
“Debt relief salespeople try to push a credit counseling program to resolve debt – however, these programs often lock you in for 5 years. If something goes wrong in those 5 years and you cannot make payments, you’ll be dropped from the program and will be left with unresolved debt.”
“However, debt resolution under Chapter 7 only takes a matter of months, shortening the total time frame of allowing you to bounce back financially. After your debt has been discharged under Chapter 7, "you can begin the process of rebuilding your credit," Keenan added.
Another misconception that is peddled by debt relief or settlement programs is that it has become more difficult over time to file for Chapter 7 bankruptcy.
When asked to elaborate, Keenan replied, “There is no solid evidence to back up this claim. In fact, roughly 70% of bankruptcy filers have declared Chapter 7. Furthermore, filers in most of these cases were able to get their debt relieved in four months.”
“The only professional who can provide you with sound advice about filing for bankruptcy is not a debt relief salesperson but an experienced bankruptcy attorney,” he added.
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, USA
Phone: 412-922-5116
Website: http://bryankeenanattorney.com/
Source URL: http://RecommendedExperts.biz
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