Leading bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA explains that Chapter 7 bankruptcy can provide relief by stopping collections, eliminating many unsecured debts, and allowing a fresh financial start. For more information please visit https://bryankeenanattorney.com
-- Drowning in debt is stressful, and filing for bankruptcy may seem overwhelming. But leading Pennsylvania attorney Bryan P. Keenan states filing for Chapter 7 bankruptcy is a solution, with short and long term benefits.
For more information please visit https://bryankeenanattorney.com
Keenan, of Bryan P. Keenan & Associates in Pittsburgh, explained that a Chapter 7 bankruptcy offered immediate relief from debt collection efforts, discharge from most unsecured debts, and the chance for a quick financial fresh start within months.
But he said that a misperception of becoming bankrupt often prevented people from considering that route.
Keenan pointed out that once the filing process is underway, it brings an immediate halt to collection activities. "The moment a petition is filed, an 'automatic stay' goes into effect," he said. This legally forces creditors to stop collection calls, letters, lawsuits, wage garnishments, repossessions, and foreclosures.
Chapter 7 will also mean that a debt is discharged, meaning that a person no longer has a legal obligation to pay it. Chapter 7 can eliminate a wide range of unsecured debts, such as credit card bills, medical expenses, personal loans, and payday loans.
He added: "While a Chapter 13 bankruptcy filing often involves a repayment plan over a three to five years, Chapter 7 cases are typically completed and debts discharged within four months."
Federal and state exemption laws also allow debtors to protect property from liquidation, such as a primary home depending on the state they live in, a vehicle, household goods, and retirement accounts.
He acknowledged: "Some people are anxious that a Chapter 7 bankruptcy will mean they will lose their property and other assets to pay off any outstanding debt. Liquidation bankruptcies are the exception not the norm. The overwhelming majority of cases involve eliminating debt and keeping your assets.
Once a discharge is granted, a debtor is no longer obligated to make payments on the discharged debts, freeing up future income. While a bankruptcy can remain on a credit score for several years, a filer may find their credit score improves as they are no longer burdened by overwhelming debt.
An individual can begin rebuilding their credit through responsible financial habits and may even become eligible for loans. But Keenan warned: "It is extremely important a filer doesn't fall behind with any new loan agreements."
He added that anyone considering a Chapter 7 bankruptcy should first consult an experienced bankruptcy attorney to receive the right guidance before embarking on the process.
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: 89195359
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