Lansdale, PA -- (SBWIRE) -- 08/26/2019 -- Chapter 7 bankruptcy is a popular form of debt relief service used by businesses throughout America. As a reputable Chapter 7 bankruptcy attorney in Montgomery County and the surrounding areas, Tadross Law is immediately available to advise any companies on this type of bankruptcy.
Chapter 7 bankruptcy cases are a process in which the bankruptcy trustee will gather and sell all the debtor's nonexempt assets. The proceeds of these sales are used to pay creditors in line with the provisions of the Bankruptcy Code. Some of the debtor's property may be used as collateral and pledged to other creditors. However, debtors will be allowed to keep specific property "exempt" under the Bankruptcy Code.
Chapter 7 cases start with the debtor filing a petition at court that serves the area in which they live or where their business is located. The debtor must also provide lists of assets and liabilities, proof of income and expenditure, a financial statement, and a schedule of unexpired leases, and executory contracts.
Debtors will also be asked to file tax return transcripts for the most recent and previous years. Those with primarily consumer debts will be asked for a certificate of credit counseling, evidence of wage payments from employers, a statement of monthly income, and a record of any interest owed for federal or state-qualified education.
For more information regarding the qualifiers for Chapter 7 bankruptcy, or to hire a tax attorney in Philadelphia, please visit the Tadross Law website 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.