If, like many people, who are struggling to make ends meet, having been laid off due to the pandemic and are now sinking deeper into debt, then bankruptcy lawyer Bryan P. Keenan may have a way out for you. —
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Bankruptcy carries many connotations for different people, and most conclude they would steer away from it if at all possible. He said a lot of people are hesitant to file due to a lot of misconceptions such as Bankruptcy Permanently Kills Your Credit.
But Keenan of Pittsburgh’s Bryan P. Keenan & Associates has suggested it may well be the best option to reestablish your credit.
“Coronavirus and its after-effects on the financial plight of individuals have left them with very little chance of getting on top of spiraling debts. So bankruptcy is a viable option,” he said. This is especially the case when your credit rating has been damaged.
And the faster you file, the quicker you might be able to get on with your life and reestablish your credit. Bankruptcy can help discharge debts, such as medical bills, personal loans, unpaid utility bills and credit card debt.
Keenan said a person has two routes to consider – either Chapter 7 or Chapter 13 bankruptcy.
He said that to qualify under Chapter 7, you will have to take a means test. Your income must be at or below the median income for your state to be eligible for a Chapter 7 discharge.
A person seeking Chapter 7 needs to show a court they cannot repay the unsecured debt while keeping their assets, and they are entitled to a discharge of their debts within four months.
He warned that people should not spend or take loans from their retirement accounts to avoid filing. Retirement accounts are protected and should only be used for one purpose, retirement income.
Filing for Chapter 13 enables people to keep hold of their properties as well, but they should pay all discretionary income into a three-to-five-year repayment plan.
If you cannot repay any unsecured debt during the repayment plan term, then any unsecured debt would be eliminated at the end of your case.
He concluded: “If you are facing growing debt and are unsure whether Chapters 7 or 13 is the right one for you, then consult a bankruptcy attorney who can help you determine the right course of action.”
Name: Bryan Keenan
Email: Send Email
Organization: Bryan P. Keenan & Associates
Address: 993 Greentree Rd #101, Pittsburgh, PA 15220
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