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McKinney Estate Planning Attorney
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McKinney Bankruptcy Attorneys

Finding Solutions for Clients Overwhelmed By Debt

The Willingham Law Firm, P.C. provides legal representation for those who are seeking a way to relieve themselves from overwhelming debt. Our dedicated and compassionate attorneys are available to discuss your concerns and find answers to your questions so that we can determine if you qualify for bankruptcy. Qualification for bankruptcy is largely based on income and expenses, however, not all expenses can be used to offset income.

Get in touch with us today by calling (214) 499-9647 to schedule an appointment with a lawyer at our firm.

Chapter 7 Bankruptcy

Under a Chapter 7 bankruptcy, you can eliminate debts for medical bills, credit cards, utility bills, judgments, and other unsecured debt. If you are in debt because of past-due child support, alimony, student loans, or taxes, then be aware that these debts won’t be discharged if you are approved for Chapter 7 bankruptcy. To qualify for Chapter 7 bankruptcy, your income must be less than the median income in the state of Texas.

Some of the benefits of filing for Chapter 7 bankruptcy include:

  • Getting a fresh financial start
  • You will be protected from collection efforts from creditors
  • The wages you earn can’t be garnished
  • You can keep the income you earn, as well as the property you acquire after filing
  • There are no minimum debt requirements for this bankruptcy option

Chapter 11 Bankruptcy

Chapter 11 bankruptcy allows high-income/high-debt individuals and businesses to reorganize and continue to operate. The Chapter 11 bankruptcy option is commonly referred to as “reorganization bankruptcy.” Corporations, partnerships, and sole proprietorships can file for Chapter 11 when they are financially struggling. Individuals who don’t own a business can also file for Chapter 11 if their debt exceeds the eligibility-limit for Chapter 7 bankruptcy.

Clients with high-incomes and business entities often choose to file for Chapter 11 Bankruptcy because:

  • An automatic stay against foreclosure and collection efforts is immediately issued after the petition is filed
  • You can be your own fiduciary, which gives you the rights and power to manage the bankruptcy
  • You are allowed to create a practical re-payment plan
  • Businesses can continue to operate while the debt is being paid off

Chapter 13 Bankruptcy

Chapter 13 bankruptcy can assist in preventing foreclosure of your home or repossession of property. A Chapter 13 bankruptcy lets you establish a repayment plan for your creditors for either some or all of your debts. If you are facing foreclosure or falling behind on your mortgage, then this might be the right bankruptcy option for you. You can also try to petition for Chapter 13 if you failed to qualify for Chapter 7 bankruptcy.

With Chapter 13 bankruptcy, you can:

  • Keep exempt and non-exempt property
  • Reduce the amount of debt you owe
  • Stop collection actions and wage garnishment
  • Stop foreclosure
  • Request extended time to pay non-dischargeable debts

Protect What You Own. Speak to a Bankruptcy Lawyer Today!

Fortunately, Texas has strong exemption laws that protect most of the debtor’s assets. There are opportunities to qualify for federal exemptions, so it’s important to speak with qualified legal counsel before moving forward with this important decision. If you are considering filing for bankruptcy, get in touch with our law firm so we can help you obtain debt relief. When we represent clients in bankruptcy matters, we make it our goal to provide them with the support and guidance they need to make informed decisions.

The lawyers at The Willingham Law Firm, P.C. are here to help you find relief from your debt. We look forward to providing legal representation for you and your family regarding this important financial decision. Call us today at (214) 499-9647 to schedule your free consultation.

Recent Reviews
From Satisfied Clients

  • He is professional and has knowledgeable of business and personal legal issues.

    “I have known and work with Taylor for 7 years. I refer clients to him regularly. He is professional and has knowledgeable of business and personal legal issues. The reason I refer many of my clients to him is I trust him to provide excellent service. .”

    John Harman

  • Taylor was wonderful and easy to work with.

    “Taylor was wonderful and easy to work with. He was very quick which was helpful since I brought my baby with me. He was also very straightforward which was appreciated! He gave some suggestions on changing up our life insurance policy while also getting all the information needed to write up our documents. When it comes to protecting my family in times of crisis and hard times, I trust we will be protected because of the work that he puts into helping us plan for the unexpected. He was personable and related to our circumstances because he’s been there. I highly recommend him to everyone!”

    Mariah Sutherland

  • Taylor and his team have been invaluable assets to me.

    “Taylor and his team have been invaluable assets to me. Taylor has a way of taking complicated subjects and breaking them down to something tangible and simple to work through. Rachelle might be the most helpful person ever! She has been great in explaining and teaching. Highly recommend the firm!”

    Brad Barton

  • Taylor and his team are amazingly professional.

    “Taylor and his team are amazingly professional. They have handled several matters for us and all have been handled ethically and quickly.”

    Gail Hillman

  • Me and my husband went to Willingham Law Firm to have wills done in our new home state of Texas.

    “Me and my husband went to Willingham Law Firm to have wills done in our new home state of Texas. Taylor and his staff exhibited extreme knowledge and skill with regard to estate law, which, in turn, put us at ease with the decisions we had to make. They guided us through each step and we couldn't be more pleased with the outcome. This place is top-notch! Thank you for all your help.”

    Stacy Rollans