In a recent interview, leading bankruptcy attorney Bryan P. Keenan, founding partner at Bryan P. Keenan & Associates, P.C. in Pittsburgh, PA, debunked the most pressing myths surrounding bankruptcy. —
For more information please visit https://bryankeenanattorney.com
When asked to comment, Keenan said, “With so much misinformation circulating about declaring bankruptcy, it’s no surprise that many people are uninformed about what happens before and after filing.”
Much of the public, according to Keenan, incorrectly believes that staying in debt is better than going bankrupt.
“For a lot of people, this is simply false. Debtors often come to a point where they are unable to deal with the amount they owe. While declaring bankruptcy is a big decision, if you feel like you are never going to get out from under a mountain of debt, then the best course of action might be declaring bankruptcy," he said.
One of the most widespread fears is regaining credit after bankruptcy. In his more than 25 years of experience, Keenan explained that many of his clients have had their credit score improved only a short while after declaring bankruptcy.
When asked to explain further, he said, "Many people see an uptick in their credit score after going bankrupt because creditors are required to remove themselves from a credit report as soon as debts are discharged," Keenan added.
Another widespread myth is that declaring bankruptcy is costly and will add to the amount of money owed.
"The opposite is actually true. Typically speaking, anyone can file for a Chapter 7 bankruptcy at a low cost. Making the leap to put a bit of money down to file a bankruptcy case could save you thousands in the long run."
He added that the cost of filing for Chapter 7 bankruptcy in the state of Pennsylvania is often less than $500.
One of the major things that the public should be aware of, according to Keenan, is that the person who declares bankruptcy will not lose everything - contrary to popular belief.
When asked to elaborate, Keenan said, “What many people fail to realize is that they can continue to hold onto their assets such as their homes and cars. In fact, most Chapter 7 bankruptcy cases are no-assets cases. In other words, the person in debt is not required to give up his or her possessions.”
"Most people filing for Chapter 7 bankruptcy can declare some assets necessary for daily life, which are referred to as exemptions. The second reason for this is that creditors are not likely interested in assets that are not classified as exemptions," he added.
Name: Bryan Keenan
Email: Send Email
Organization: Bryan P. Keenan & Associates
Address: 993 Greentree Rd #101, Pittsburgh, PA 15220, USA
Source URL: http://RecommendedExperts.biz
Release ID: 88948850