Top bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA warns those who are facing major debt to push through for Chapter 13 bankruptcy before it's too late. For more information please visit https://bryankeenanattorney.com
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Those facing major debt should consider pushing through for Chapter 13 bankruptcy now before little known changes to the US bankruptcy laws make it too late.
For more information please visit https://bryankeenanattorney.com
This is the message leading Pittsburgh Bankruptcy Attorney Bryan Keenan is advocating in the wake of Congress making important changes to the Bankruptcy Code back in June.
As part of its enactment of the Bankruptcy Threshold Adjustment and Technical Corrections Act, any individual is eligible for chapter 13 relief as long as their combined total secured and unsecured debts are less than $2,750,000 as of the date of filing for bankruptcy relief.
But Mr. Keenan said: “This deadline expires on June 21, 2024. So if you have a mountain of debt now is the time to consult with a bankruptcy attorney. The time to act may be now before it’s too late.”
A Chapter 13 bankruptcy enables individuals with regular income to develop a plan to repay all or part of their debts. Chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors over a three to five-year period.
He added that many people are surprised to learn there are debt limits in Chapter 13 cases. In other words, you can only have a certain amount of debt to qualify for a bankruptcy discharge (debt forgiveness) under Chapter 13.
Under previous rules, a debtor needed to have under $465,275 in non-contingent, liquidated /unsecured debt and under $1,395,875 in non-contingent, liquidated secured debt to file under chapter 13.
But Congress’ decision sees the Act combine and increase the unsecured and secured limits into one figure to $2,750,000.
Mr. Keenan said: “Time is now ticking down on that deadline. Act now before it’s too late.”
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: 89086788
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