Leading bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA emphasized the complexity of bankruptcy law and the prevalence of misconceptions even among professionals. For more information please visit https://bryankeenanattorney.com
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In a recent exclusive interview, top bankruptcy attorney Bryan P. Keenan, founder of Bryan P. Keenan & Associates, P.C. in Pittsburgh, PA, shed light on five prevalent myths encircling the process of going bankrupt.
For more information please visit https://bryankeenanattorney.com
Keenan emphasized, “The intricate legal framework of bankruptcy breeds numerous misconceptions in today's society. Even seasoned professionals such as lawyers and financial consultants often struggle to decode the complexities embedded within bankruptcy law."
Highlighting the prevailing lack of awareness about the advantages of bankruptcy, Keenan addressed one widespread misconception—that many individuals believe they don't qualify for bankruptcy.
“Qualifying for bankruptcy isn’t as daunting as perceived. If you're grappling with debt and experiencing financial strain, the likelihood is high that you're eligible to file for bankruptcy. The only potential hindrance could be a recent past bankruptcy declaration," he clarified.
Another prevalent fallacy among people is the fear of losing assets. Keenan debunked this myth by pointing out, “Under both Chapter 7 and Chapter 13 bankruptcies, numerous exemptions exist that permit filers to retain their possessions."
Dispelling the notion that owning assets becomes impossible after bankruptcy, Keenan elaborated, “Bankruptcy laws are in favor of allowing individuals to retain ownership, which is this case in the overwhelming majority of cases.” The exemptions embedded in the bankruptcy code facilitate individuals to acquire and possess assets even after filing."
Addressing the apprehension surrounding damaged credit scores, Keenan reassured, “Contrary to popular belief, bankruptcy offers a fresh start by wiping the slate clean. Many individuals report improved credit scores merely a year after filing. Eradicating past debts allows timely payment of outstanding bills, ultimately aiding in credit score improvement." In fact, bankruptcy is often the first step to reestablish credit since most filers have defaulted on debt beforehand.
Moreover, Keenan highlighted the appealing aspect for lenders when considering bankruptcy filers who have achieved debt-free status. “Individuals free from debt due to bankruptcy are more attractive to lenders than those struggling with unpaid bills or loans," he emphasized.
Touching upon the fear of social stigma and disclosure to family and friends, Keenan clarified, “Although bankruptcy filings are public records, the likelihood of personal acquaintances discovering one's bankruptcy status is minimal. The information is typically confined to lawyers, bankruptcy court officials, and individuals viewing credit reports."
In conclusion, Keenan urged individuals to reconsider these misconceptions and seek professional guidance to dispel any doubts or fears associated with bankruptcy. His insights aim to alleviate concerns and offer a clearer understanding of the realities surrounding bankruptcy proceedings.
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
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