Top bankruptcy lawyer founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA shares common mistakes when people file for bankruptcy. For more information please visit https://bryankeenanattorney.com
Pittsburgh, PA, United States - November 15, 2021 /MM-REB/ —
Bankruptcy attorney Bryan Keenan has singled out the most common mistakes when people file for bankruptcy.
For more information please visit https://bryankeenanattorney.com
Elaborating on the topic, Keenan of Pittsburgh’s Bryan P. Keenan & Associates said Bankruptcy is a life-changing experience, but if you want it to be a positive one, it's best to know what NOT to do before filing.
He said that one such issue is failing to list all your creditors. “You are required by law to include all your creditors. If you fail to list a creditor, then that debt may not be discharged in bankruptcy,” Keenan advised.
Another such issue is repaying a family more or a friend. Keenan added: “If you seek to repay a family member this could be classed as preferential treatment by a trustee and the family member may have to pay that sum back.”
He also advised people not to go on spending sprees before a bankruptcy filing. This could result in rendering the debt non- dischargeable and or having your case dismissed as a bad faith filing.
One of the biggest mistakes is filing for bankruptcy as a last resort. “Tragically, many people spend their retirement money in an attempt to avoid filing bankruptcy.” It is a common occurrence that their efforts fail over time, and they need to file
bankruptcy anyway. If you are burdened without debt and cannot afford to pay your creditors you should consult with a
bankruptcy attorney first before spending your retirement money. A retirement account is protected and should be used for
retirement, not a repayment of debt.
Although this is not a common occurrence, hiding assets or concealing income must be avoided at all costs. “ A person filing for bankruptcy should not fall into the trap of trying to hide their assets or income. Doing so could jeopardize your filing, and you could wind up with a criminal record as well. The penalties for that include having your case dismissed and criminal charges punishable by up to $500,000 in fines and five years of jail.
Keenan concluded “The biggest mistake people make is not consulting with a bankruptcy attorney once they begin to struggle with debt. Using an experienced attorney will ensure you do not make any mistakes and eliminate your debt”.
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
Source: MM-REB
Release ID: 89052223
