Lansdale, PA -- (SBWIRE) -- 12/19/2019 -- Anyone in need of a Chapter 7 bankruptcy attorney in Montgomery County, Bucks County, or Philadelphia, should look no further than Tadross Law. In fact, the law firm is pleased to announce it's booking Chapter 7 bankruptcy cases and much more for the new year.
The primary goal of Chapter 7 bankruptcy is to offer debtors a new start. Certain debts are eliminated that free the debtor from any personal liability from discharged debts. Some debts are nondischargeable, including child support, student loans, debts incurred by fraud, and alimony.
In most scenarios, the property acquired by a debtor after filing Chapter 7 will not be included in the bankruptcy estate. That said, specific properties acquired within six months of filing for this type of bankruptcy are classed as part of the bankruptcy estate. This rule applies to inherited property, death benefits, proceeds of life insurance policies, and property from divorce settlements.
Unlike with Chapter 13 bankruptcy, Chapter 7 rules will not impose a limit on the amount of debt that a filer has. Under Chapter 13, debtors are ineligible if unsecured or secured debt exceeds debt limits. Additionally, the debtor will not have to repay any debts by way of a court-approved repayment plan. In most cases, the debts are discharged within as little as three months after Chapter 7 has been filed. Once a trustee has distributed the debtor's property to various unsecured creditors, the courts will finalize the bankruptcy and mark the case as closed.
For additional information, or to hire a tax attorney in Philadelphia, visit https://tadrosslaw.com today.
About Tadross Law
Tadross Law was founded with the goal of helping clients across the Greater Philadelphia area with their legal needs, whether in the form of litigation or transactional issues. This law office is well-versed when it comes to IRS tax matters, general civil litigations, and transactional matters, and takes pride in offering affordable flat rates instead of billing clients by the hour. Individuals who need assistance surviving debt and financial insecurity can find refuge with Tadross Law.
To learn more about Tadross Law, please visit http://tadrosslaw.com/ or call 215-500-5000 if in Philadelphia or 267-643-1415 if in Lansdale, PA.
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