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When it comes to filing bankruptcy, there are many myths that could be holding back people from making the right decisions for their long-term financial well-being, offered attorney Bryan P. Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA.For more information please visit https://bryankeenanattorney.com
Keenan, has elaborated to expose a number of ill-founded presumptions that could help clients work through the process and manage their finances more effectively.
Keenan pointed out that the fear that someone would lose their house if they filed for Chapter 13 was untrue. “In fact, filing for chapter 13, will help you save your home if you are behind on your mortgage payments. In a Chapter 13 you have 3 to 5 years to repay your past due mortgage payments.
“Maintaining Chapter 13 repayments and keeping up with the mortgage, means your house will be protected,'' he said, and in most cases discharge all or a portion of your unsecured debt.
“One of the first worries that has to be exploded is that all debts have to be paid,” he said. “Under Chapter 13, you aren’t compelled to pay back all debts. What debt you pay back will be calculated on your disposable income and equity in assets that are over and above the bankruptcy exemptions.” A bankruptcy exemption is the amount of equity in property that you are allowed to have. If you have property that exceeds the allowable amount you will be able to repay your creditors that amount over a three to five year period. In a number of cases you are not required to repay any unsecured debt.
“Maintaining Chapter 13 repayments and keeping up with the mortgage, means your house will be secure,” he said.
Another point is that people fear they can’t sell their homes if they opt for bankruptcy. But that’s not the case, he added. “You can sell your house, keep the exempted proceeds for yourself and any monies left over will be used to help clear your debts."
He added that legal fees may well be higher if someone opts for Chapter 13 filing, but you may opt to have your attorney have all or a portion of the legal fees paid through your plan.
Keenan advised anyone thinking of bankruptcy should first consult a professional, experienced attorney to talk them through the process and to ensure that they fully understand the potential ramifications of filing for Chapter 13.
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
Source URL: http://RecommendedExperts.biz
Release ID: 89008475
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