Top Chapter 7 & 13 Bankruptcy Attorney Bryan P. Keenan Reveals 5 Common Myths When Going Bankrupt – Pittsburgh, PA

Leading bankruptcy attorney Bryan P. Keenan, founder of Bryan P. Keenan & Associates, P.C. in Pittsburgh, PA, shares some common misconceptions about going bankrupt. For more information please visit

In a recent interview, leading bankruptcy attorney Bryan P. Keenan, founder of Bryan P. Keenan & Associates, P.C. in Pittsburgh, PA, revealed 5 widespread myths about going bankrupt.

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When asked to comment, Keenan stated, “Due to the complex nature of the legal structures of bankruptcy, myths surrounding bankruptcy are prevalent in today's society. Not even professionals such as lawyers and financial consultants are always able to crack the bankruptcy code."

Keenan added that the majority of people are unaware of the benefits of bankruptcy.

One common misconception is that many don't think they qualify for bankruptcy.

“Qualifying for bankruptcy isn’t as difficult as many think. If you’re in debt and have a tough time making ends meet, then chances are that you can file for bankruptcy. The only caveat that could potentially hold you back is if you’ve declared bankruptcy in the recent past,” he said.

Many people also wrongly buy into the idea that they will lose their assets after going bankrupt.

When asked to elaborate, Keenan commented, “This is one of the most widespread notions about bankruptcy. Several exemptions exist under Chapter 7 and Chapter 13 bankruptcies that allow filers to keep their possessions."

Another incorrect notion held by many is that it's impossible to own anything after filing for bankruptcy.

When asked to explain Keenan said, “When it comes to bankruptcy, the general rule of thumb is that if you can afford it, you can own it. Regulations found in the bankruptcy code are in your favor to allow you to keep assets, meaning that you'll have the ability to attain and own things after."

One myth that keeps many from declaring bankruptcy is that their credit will be ruined.

“Bankruptcy will wipe your debt slate clean. In fact, many who declare bankruptcy report better credit scores only one year after filing. Clearing away any old debt means that you can pay outstanding bills on time, which helps boost your credit score."

Keenan added that bankruptcy filers who are debt free are more appealing to lenders than someone who is wracked by unpaid bills or loans.

Many in debt also avoid filing for bankruptcy because they assume that family and friends will find out.

"This fear is prevalent as bankruptcy files are public record. However, thousands of people file for bankruptcy daily, and it's unlikely that your friends and relatives will know your bankruptcy status. The only people in the know will be your lawyers, bankruptcy court officials, and anyone who views your credit report," he said.


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

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Release ID: 464513