-- Fears and misconceptions often prevent individuals from taking the necessary steps to seek debt relief under Chapter 13 bankruptcy, says leading Pittsburgh Bankruptcy Attorney Bryan P. Keenan. These fears and misconceptions, he stresses, can stand in the way of financial recovery.
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Chapter 13 bankruptcy allows individuals with a steady income to reorganize their finances and propose a repayment plan that typically spans three to five years. Yet, as Keenan points out, many people remain unaware of how Chapter 13 truly works—and how it can actually protect their assets and offer a path to stability.
In fact, filing for Chapter 13 often helps people keep their homes and vehicles by giving them a chance to catch up on missed payments, said Keenan, Founder of Bryan P. Keenan & Associates, PC. .”
Another widespread fear is that individuals must repay all their debts in full under Chapter 13. “That’s not true either,” Keenan clarified. “Your repayment plan is based on your disposable income and the equity you have in assets beyond what bankruptcy exemptions allow. In many cases, unsecured debts—like credit cards or medical bills—do not need to be fully repaid or at all in some instances.”
Keenan emphasized that while Chapter 13 doesn’t eliminate all debts, it empowers individuals to manage secured debts, such as mortgages or car loans, under more favorable terms. “Student loans, for example, are only discharged under limited circumstances, but Chapter 13 still offers breathing room to manage that burden,” he added.
A common misconception is that bankruptcy prevents someone from selling their home. “Not true,” Keenan said. “You can sell your home, keep the exempt proceeds, and apply any remaining funds toward your debt.”
He also addressed concerns about credit scores. While filing can impact credit, Keenan noted that most individuals considering bankruptcy are already dealing with low scores. “Filing shows a proactive effort to manage debt and can be the first step toward rebuilding credit.”
Keenan also reminded the public that bankruptcy is not a dead-end. “There’s this false idea that people can never recover from bankruptcy. But I see every day how it gives clients a chance to regain financial control and rebuild.”
Lastly, he addressed the notion that bankruptcy is a once-in-a-lifetime option. “You can file more than once,” he explained. “But there are specific waiting periods between discharges depending on the type of bankruptcy you file.”
Keenan urges anyone feeling overwhelmed by debt to consult a qualified bankruptcy attorney. “Understanding the process and your options can make all the difference,” he said. “Chapter 13 isn’t about failure—it’s about taking charge and creating a fresh financial start.”
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: 89164808
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