Tadross Law will help you file for Chapter 7 Bankruptcy in the Philadelphia area
Chapter 7 bankruptcy provides debtors who are unable to pay their bills with the fresh start they are looking for. At Tadross Law, our bankruptcy attorneys are devoted to eliminating the debt of clients in Philadelphia, Montgomery County, Delaware County, and the surrounding areas. Chapter 7 bankruptcy can also be used by businesses that want to liquidate or cease operations. Although changes to the Bankruptcy Code have made the process more complicated, most debtors can still eliminate debts and get a fresh start through Chapter 7 Bankruptcy. In many cases, you can even keep your personal property, including your car and home. Contact the lawyers from Tadross Law to set up a FREE CONSULTATION to discuss your options in this regard.
Understanding The Chapter 7 Process
In order for our lawyers to determine if Chapter 7 bankruptcy is right for your situation, we will need to provide a thorough review of your financials. If the attorneys from Tadross Law believe Chapter 7 is appropriate, we will prepare and file any documents or petitions that need to be submitted on your behalf. Most of the time, Tadross Law bankruptcy clients do not have to go to court. However, they may need to attend a short hearing held by the Chapter 7 Bankruptcy Trustee.
At this hearing, the Trustee will review your petition and schedules, and will likely ask you questions regarding your financial situation. Shortly thereafter, if there are no objections, you will receive a discharge of your debts signed by the judge. A typical Chapter 7 matter will take approximately three to six months to complete.
Debts You May Eliminate Under Chapter 7:
Chapter 7 will typically eliminate the following kinds of debts:
- Credit card debts
- Medical bills
- Lawsuit debts/civil judgments (including personal injury)
- Personal and private loans
- Some taxes, including state, local, and federal income taxes
- Deficiency debts on foreclosures and repossessed vehicles
Please be aware that certain debts, like federally backed student loans, are not dischargeable in bankruptcy, along with debts like alimony and child support, damages for personal injury to someone else resulting from a DUI, criminal fines and restitution, court fees, and certain taxes.
Property You Can Keep Under Chapter 7:
Most items of personal property are exempt from repossession, meaning you may be allowed to keep them. In over 90 percent of consumer bankruptcy cases, debtors keep all of their personal property. Exempt property can include:
- Equity in your home (up to a certain amount)
- Motor vehicles
- Household goods and furnishings
- Household appliances
- Pensions, including money in 401k plans
- Tools of the debtor’s trade or profession
- A portion of unpaid but earned wages
- Public benefits, including public assistance, Social Security, and unemployment compensation, accumulated in a bank account
Philadelphia and Lansdale Area Bankruptcy Lawyers
Filing Chapter 7 bankruptcy is not always the right choice in every case. Other options are available to those residing in Lansdale, Montgomery County, Delaware County, and the surrounding areas. These options include Chapter 13 bankruptcy, foreclosure defense, debt settlement, and more. If you would like to speak with an experienced, local attorney regarding bankruptcy issues, contact Tadross Law today.