Top bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA explains how Chapter 13 bankruptcy protects homes with a structured repayment plan and potential elimination of second mortgages. For more information please visit https://bryankeenanattorney.com
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In a recent discussion, leading bankruptcy attorney Bryan P. Keenan, the founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA, has unveiled strategies for safeguarding one’s home through Chapter 13 bankruptcy.
For more information please visit https://bryankeenanattorney.com
Keenan emphasized, "Many individuals seeking bankruptcy relief are motivated to preserve their valuable assets, notably their homes. Chapter 13 presents distinct advantages, both immediate and long-term, unavailable through Chapter 7."
Filing for bankruptcy under Chapter 13 initiates prompt relief. Keenan explained, "Upon initiating Chapter 13 proceedings, an automatic stay is enforced, shielding your property from creditor actions, including foreclosures."
A pivotal distinction between Chapter 13 and Chapter 7 bankruptcy is the protection afforded to assets against foreclosure. "You can think of Chapter 13 as a long-term payment plan that lasts from three to five years. You may get the benefit of discharging your credit card debt, while saving your home," he said.
Keenan emphasized the time-sensitive nature of filing, stating, "Prompt action is imperative to capitalize on Chapter 13's structured repayment plan. It is crucial to declare bankruptcy prior to the scheduled sheriff sale date."
Keenan added that individuals can work with an attorney to create a tailored payment plan.
"A lot of my clients are unable to make catch up on their past due payments, so we work together to come up with a realistic payment plan within the three-to-five-year framework to become current.’’
Another added benefit of Chapter 13 bankruptcy is that homeowners in debt might be able to get rid of their second mortgage.
When asked to elaborate, Keenan said, "You can wipe away your second mortgage if the amount you owe on your first mortgage is more than what your home is worth when you file for bankruptcy."
"Chapter 13 bankruptcies are notorious for being complicated, particularly when it comes to calculating the value of your home for stripping second mortgages, so the best thing to do is to hire an experienced bankruptcy attorney," he added.
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: 89133822
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