McKinney Bankruptcy Attorneys

Finding Solutions for Clients Overwhelmed By Debt

Willingham & Galvan 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.

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

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