Earning Good Money But Unable to Get Ahead of Your Debt? A Chapter 13 Reorganization May Be the Solution

No matter what your financial situation is, you deserve respect and understanding. At Price & Price Law, we treat all of our clients with the care and courtesy they deserve and offer the help they need to be free of the burden of debt.

For people with a reliable income and valuable property to protect, Chapter 13 bankruptcy may be the best way to get a fresh start. Our experienced bankruptcy attorneys will act fast to get you immediate relief from debt collectors, threats of foreclosures, and wage garnishments, and then work with you to develop a workable plan for paying off your debt. Our small family law firm in Dallas will be with you every step of the way.

Filing for Chapter 13 Bankruptcy in Dallas

In your initial meeting with attorney Billy Price, he will determine whether you are eligible to file for straight bankruptcy under Chapter 7 or if your income and assets are such that your better option is to file for Chapter 13. Unlike Chapter 7, Chapter 13 does not call for a liquidation of qualifying assets and immediate discharge of your debt. Instead, it is a reorganization of your finances and the establishment of a workable payment plan that satisfies your creditors. If you adhere to the payment schedule, your remaining debt will be discharged at the end of the payment plan period, which is usually between three and five years.

How Our Dallas Attorneys Help With Your Chapter 13 Filing

When you call Price & Price Law, you will speak to Diana Price, our receptionist and paralegal. She will answer your basic questions and schedule your initial consultation with Billy. Billy will listen to your story and work with you to develop a plan of action. He will draw on his 25 years of experience to immediately halt collection actions and give you the breathing room you need to begin to resolve your debt in a way that works for you.

Your follow-up meetings will be with Megan Price, Billy and Diana’s daughter and an attorney with eight years of bankruptcy experience. Over the course of two or three additional meetings, we will work with you to develop a repayment plan that works for you and satisfies your creditors. We will be by your side over the next three to five years as you work through your Chapter 13 repayment plan.

We have found that Chapter 13 bankruptcy is the best—and sometimes only—option for people in the following situations:

  • Your income and assets are above the means test for Chapter 7. If your annual income falls below the Texas median income ($43,000 for an individual, $73,000 for a family of four in 2015), you may qualify to file for Chapter 7. If you do not meet this criterion and fail the Texas means test, your only option will be to file Chapter 13. Our attorneys will work with you to make this determination.
  • You have a reliable income that exceeds your living expenses. Because you will be paying off some of your debt under a payment plan, you must have a reliable source of income and some amount of disposable income each month that can be put towards your payment plan.
  • You have valuable nonexempt property. Under Chapter 7 bankruptcy, you are required to liquidate nonexempt property such as second homes, some motor vehicles, collectibles, and heirlooms. If you have valuable nonexempt property that you do not want to lose, you will want to opt for Chapter 13.

You can be confident that Billy and Megan will not steer you the wrong way. We will make sure you understand your options and will develop a plan that is manageable for you. If problems arise at any point during the repayment—you lose your job, you get divorced, your car breaks down—and you are not able to continue to make payments, we will work with you to modify your plan.

Chapter 13 May Be the Answer for You

At Price & Price Law, we are truly dedicated to helping our neighbors in the Dallas area find a way to get a fresh financial start. If Chapter 13 is the solution to your financial difficulties, you can trust us to come up with a plan that works for you and to be here to modify the plan when problems arise. We will help you make a sound decision for your family and your future. Call today at 214-974-3390 or connect with us through the link on this page.