Top bankruptcy lawyer Bryan Keenan founder of Bryan P. Keenan & Associates, PC in Pittsburgh, PA shared key mistakes to avoid when filing for bankruptcy and stresses the importance of hiring a skilled attorney. For more information please visit https://bryankeenanattorney.com
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In a recent interview, Bryan Keenan, a leading bankruptcy attorney and founder of Bryan P. Keenan Associates, PC in Pittsburgh, PA, shared critical mistakes to avoid for those considering filing for bankruptcy.
For more information please visit https://bryankeenanattorney.com
"While bankruptcy can be an effective way to secure a fresh financial start, there are several potential pitfalls to steer clear of before the filing," Keenan advised.
Keenan emphasized that one of the most damaging actions individuals can take is to conceal or transfer assets before filing for bankruptcy.
"Some people try to hide or dispose of their assets to improve their chances of getting their bankruptcy approved. However, bankruptcy courts are thorough, and those who attempt this are almost always caught," Keenan explained.
He further warned that this behavior is a serious crime, potentially leading to fines of up to $500,000 and a prison sentence of up to five years.
Another costly mistake, Keenan noted, is maxing out credit cards just before filing for bankruptcy.
"Creditors are quick to notice unusual activity. If you max out your credit cards, then the banks may challenge your bankruptcy filing, and your case could be dismissed or that debt could be rendered non dischargeable," Keenan cautioned.
He added that most credit card purchases made within 90 days before filing for bankruptcy are excluded from bankruptcy debt. "The best course of action is to destroy your credit card as soon as you decide to file for bankruptcy," he advised, stressing that this also applies to taking on any new debt, including borrowing from a home equity line.
Keenan also highlighted the mistake of withdrawing money from retirement accounts to pay off creditors.
"Bankruptcy law prohibits favoring one creditor over another. Creditors can't access retirement accounts, so it's wise to leave those funds untouched," Keenan explained. Retirement accounts are protected assets in bankruptcy.
Lastly, many people avoid hiring a bankruptcy attorney, a decision that could be more costly in the long run.
"Bankruptcy law is intricate and filled with nuances, requiring the expertise of a seasoned legal professional," Keenan concluded.
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: 89142964
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