Top bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA explains the benefits of chapter 13. For more information please visit https://bryankeenanattorney.com
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Filing for Chapter 13 bankruptcy is an effective means that allows people to keep their property and pay debts over time, bankruptcy attorney Bryan P. Keenan has asserted.
For more information please visit https://bryankeenanattorney.com
The founder of Bryan P. Keenan & Associates, Pittsburgh, PA., has done a deep dive into Chapter 13 during an interview this week.
Under US law, a person can file for Chapter 7 or Chapter 13 bankruptcy. While under Chapter 7, a person doesn't have to pay back creditors but may lose property if they have too much equity. A person who files under Chapter 13 will keep their assets and develop a repayment plan to pay off their debts to avoid losing an asset.
Under Chapter 13, bankruptcy law requires the repayment of some debts in full. Debts in this category include: Child support, alimony or support payments, and nondischargeable taxes or tax liens. Secured debts, such as a mortgage or a vehicle loan, must remain current during the repayment plan.
Unsecured creditors may also be entitled to repayment. Under Chapter 13 bankruptcy, a debtor must repay nonpriority, unsecured creditors at least the amount equal in value to their nonexempt property over the life of the repayment plan. He said: "Under Chapter 13, a person will pay back a debt over three to five years and still retain their property or asset.’’
Those who qualify for Chapter 13 include employed people who can cover the required monthly debt payments, have up-to-date tax filings, and prove they are within debt amount limitations.
Any individual, even those self-employed or operating an unincorporated business, is eligible as long as their combined total secured and unsecured debts are less than around $2.750 million on their filing date.
Mr Keenan said a debtor would have to prove they had filed for federal and state income tax returns for the previous four years before their bankruptcy filing date. "You will also have to show that, under Chapter 13, you have sufficient income to meet your repayment requirements," he added.
Income sources include regular wages, wages from seasonal work or self-employment, sales commissions, pension payouts, compensation benefits, royalties, social security benefits, household contributions, child support and proceeds of property sales.
While a business cannot file for Chapter 13, a sole proprietor may file under Chapter 7 or Chapter 13.
When filing for Chapter 13, a person must disclose all of their income, living expenses, assets and debts. A hearing shall be held to make sure that all of the information is complete, accurate and truthful and that you meet all of the filing requirements.
Mr Keenan said that anyone thinking about Chapter 13 bankruptcy should seek the advice and guidance of a bankruptcy attorney so that the matter can be addressed to protect their legal and financial interests.
Source: http://RecommendedExperts.biz
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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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