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Anyone thinking of filing for bankruptcy needs to understand several principles before pressing ahead, advises bankruptcy attorney Bryan Keenan.
For more information please visit https://bryankeenanattorney.com
In an interview, the founder of Bryan P. Keenan & Associates, Pittsburgh, PA, said Bankruptcy is a means to unburden ones self from the shackles of debt and get a fresh start.” However, it is not seen as a “one size fits all” approach.
He advised that under Chapter 7, a person can retain their property including real estate and vehicles as long as they are current and can continue to make their payments. "He did point out that if you are past due on your home and car payments you can file a Chapter 13 to catch up on your past due payments over a three to five year period."
A Chapter 7 case is typically completed within four to six months after filing the Chapter 7 petition. That means that much of your unsecured debts may be eliminated in under 180 days.
Chapter 7 has specific income requirements to qualify for a bankruptcy discharge under this chapter of bankruptcy. The bankruptcy means test takes into account your income, expenses and family size to determine whether you have enough disposable income to repay your debts.
In other words, you may have to file a Chapter 13 repayment plan. Generally, the payment shall be determined by what you have the ability to repay. This does not mean that you are required to pay all of your debt. Your individual circumstances will determine the payment amount.
Mr Keenan said a debtor would be able to file for Chapter 13 if their debts are less than $419,275 in unsecured debts and less than $1,257,850 in secured debt.
“To qualify for a Chapter 13 you are required to have filed your income tax returns for the last four years and provide a trustee with a copy of the most recent federal tax return,” he added.
Under Chapter 13, a debtor must also demonstrate they have enough income to fund their repayment plan.
Mr Keenan concluded: “Anyone that is considering a bankruptcy should seek appropriate guidance from an experienced bankruptcy attorney so they know where they stand and what type of bankruptcy they are eligible to file.”
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: 89073362
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