Top bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA states that bankruptcy can provide a fresh financial start, with most individuals choosing between Chapter 7 and Chapter 13. For more information please visit https://bryankeenanattorney.com
-- Bankruptcy may well be the best solution to consider when drowning in debt by providing a legal framework to achieve a fresh start informed Bankruptcy Attorney Bryan P. Keenan.
For more information please visit https://bryankeenanattorney.com
A person will typically face the choice between a Chapter 7 or a Chapter 13 bankruptcy. Both are advantageous, but they differ in a few ways.
The Founder of Bryan P. Keenan & Associates, PC said a Chapter 7 enables people to eliminate unsecured debt, such as credit cards, medical bills and personal loans. Chapter 13 allows a person to repay all or a portion of their debts through a court-approved repayment plan over three to five years. It can also be used to catch up on past due mortgage and car payments to prevent a foreclosure or repossession.
"Because the two are so different, a person should seek advice from an experienced bankruptcy attorney to verify what type of bankruptcy relief they qualify for.”
A Chapter 7 bankruptcy usually takes up to four months to be completed. It offers relief from debt, halts creditor collection activities, and can allow for a faster path to rebuilding credit compared to Chapter 13. To qualify for Chapter 7 relief, the individual filers must pass the "means test" by having income below their state's median and demonstrating that they cannot afford a repayment plan.
A Chapter 13 payment plan typically spans three to five years. This form of bankruptcy is designed to benefit individuals with regular income who seek to catch up on past-due obligations, retain their property, and consolidate debts into a structured and manageable repayment plan. The length of the repayment term is determined primarily by household income in relation to the median income for the applicable state and household size. When household income falls below the median, the repayment plan may be structured for three years, unless a longer term is financially advisable. For households with income above the median, the plan generally extends to five years.
Attorney Keenan emphasized the importance of consulting with an experienced bankruptcy attorney to determine the appropriate Chapter of bankruptcy and to evaluate how the process may assist in restoring financial stability.
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: 89176450
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