Top bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA emphasizes that filing for bankruptcy can be a strategic step toward financial recovery rather than a sign of failure. For more information please visit https://bryankeenanattorney.com
-- The fear of having to file a bankruptcy is a real and daunting prospect for individuals from all walks of life. However, bankruptcy is very often the solution, not the problem for those overwhelmed with debt, says Pittsburgh Bankruptcy Attorney Bryan P. Keenan.
For more information please visit https://bryankeenanattorney.com
While bankruptcy is often viewed through a lens of failure, professional embarrassment, or financial ruin, the reality is that filing can lead to a more stable and secure financial future.
"Filing for bankruptcy can be one of the smartest and most strategic financial decisions a person can make," commented Keenan, founder of Bryan P. Keenan & Associates, PC.
At its core, bankruptcy is a legal process that helps individuals either eliminate or manage their debts, put a stop to creditor harassment, and set themselves on a path to long-term recovery.
“Most importantly, filing for bankruptcy gives people legal protection and the time and space they need to regain control of their finances,” Keenan said.
He advises anyone considering bankruptcy to speak with an experienced bankruptcy attorney to evaluate their financial circumstances, understand the legal process, and weigh the implications of filing.
In the bankruptcy process, the individual filing is known as the debtor, while the people or companies to whom money is owed are creditors.
Once a bankruptcy petition is filed with the court, an automatic stay goes into effect—halting all collection efforts by creditors. This legal pause gives debtors a break from pressure and a chance to reorganize.
An attorney will help determine the most appropriate type of filing—typically either Chapter 7 or Chapter 13 bankruptcy.
“The major distinction is that Chapter 7 allows most debts to be eliminated completely, while Chapter 13 enables debtors to reorganize and pay back a portion of their debts through a structured repayment plan,” Keenan explained.
A Chapter 7 bankruptcy discharges unsecured debts such as credit card bills, medical expenses, payday loans, and past-due rent or utility payments. Although the filing remains on a credit report for up to 10 years, individuals can often begin rebuilding credit shortly after their case concludes.
Under a Chapter 13 plan, the debtor repays as much debt as possible over a three- to five-year period, often allowing them to keep key assets like a home or vehicle by catching up on missed payments. A Chapter 13 filing typically stays on a credit report for seven years.
However, Keenan notes that not all debts can be wiped out. Obligations such as child support, alimony, certain taxes, and student loans generally remain in place.
"Yes, bankruptcy will affect a person’s credit score," he acknowledged, "but it also provides a way to eliminate unmanageable debt and start rebuilding from a stronger foundation. Mr. Keenan pointed out that generally the damage to credit has already been damaged from defaulting on your obligations. In these instances, the process to rebuild your credit starts after receiving a bankruptcy discharge. In Chapter 7 case this occurs roughly 4 months after your case is filed in the ordinary course.
In many cases, bankruptcy also encourages people to take a closer look at their financial habits and become more mindful of budgeting and spending. “Psychologically, bankruptcy can be a tremendous relief,” Keenan said. “It allows people to reset, regroup, and move forward with better tools and confidence for the future.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Bryan Keenan
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Organization: Bryan P. Keenan & Associates
Address: 993 Greentree Rd #101, Pittsburgh, PA 15220,
Phone: 412-922-5116
Website: https://bryankeenanattorney.com
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