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Plano Debt Settlement Lawyers

Dallas Credit Card Debt Relief Attorneys

Is Debt Settlement Right for Me?

At your free initial consultation, we will review all of your non-bankruptcy and bankruptcy options so you can decide which avenue is best for your family. Many people struggling financially consider a debt settlement plan. High promising debt consolidation companies often give the impression that a settlement or consolidation plan is an easy way out. However, they often do not adequately explain many of the extremely negative consequences of pursuing that avenue to you.

By all means, in appropriate cases we do assist clients in an accommodation (better known as 'debt settlement'). However, we do not do so without informing our client of the negative consequences of taking that course of action (such as the long term negative impact on your credit and potential increase in income tax liability).

Should I Work With a Debt Consolidation Company?

People who choose to work with debt consolidation companies to try to work out repayment plans often end up paying high costs for these services rather than putting their money towards paying off their debt. When an individual is in a vulnerable financial situation already, it could be risky for him or her to negotiate with a company that may or may not have his or her best interests in mind. If you hire us, there are no murky waters: You are our client.....not the banks'.

The benefit of consulting with us is you will get experienced advice by a reputable financial attorney on all of your bankruptcy and non-bankruptcy options. That means you will be advised of all the credit, income tax, and financial repercussions of your decisions. In other words, it is pointless not to schedule a consultation with one of our attorneys. Contact our law offices for a free meeting with a lawyer.

IRS Debt

Who wants to owe the IRS? If you settle your debts with your creditors outside of bankruptcy then under the Internal Revenue Code the debt that is forgiven is included in gross income. In other words, you are probably going to be taxed on that settlement. Plus, your credit will suffer greatly.

An exception to the gross income rule is discharge of indebtedness under the Bankruptcy Code. Plainly stated, if you discharge debt through a bankruptcy, it is not a taxable event! Plus, your credit score will have an opportunity to improve rapidly.

If you file either Chapter 7 or 13 and pass the Means Test, then you pay back none of your unsecured debt (credit cards, etc.) and pay only those things that you wish to keep (such as your house or your vehicles).

Is Bankruptcy a Better Option?

Unlike debt settlement plans where creditors have more strength, bankruptcy protects debtors. In Chapter 13 bankruptcy, the court will force your unsecured creditors to accept the bankruptcy plan even if you are paying them a small percentage or making absolutely no payments toward their actual claim. A private service has no such power.

For a free consultation to discuss your options for eliminating credit card debt, medical bills, and other debts, contact our law offices.

Client Testimonials

Just a brief note to tell you how appreciative I am of how effective you were in my Bankruptcy Proceedings. I was never worried because I knew I was being represented by the best. Thank you!

- F.B.


I was faced with a first degree felony, which meant 5-99 years behind bars. It was terrifying. You are not only a great attorney but a very honest man with integrity...you saved my life.

- A.N.


From the first moment I met Mr. Pelley, he made me feel at ease. I was always updated, whether via mail or phone call of court dates and information concerning my case. He did a remarkable job and went above and beyond all my expectations. I wouldn't have to think twice about recommending Mr. Pelley to represent any of my family members or closest friends.

- C.G.

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Pelley Law Office, L.L.P.
555 Republic Drive, Suite 101
Plano, TX 75074

Phone: 972-608-0335
Fax: 972-424-1309
Plano Law Office

Pelley Law Office, L.L.P.
905 North Travis Street
Sherman, TX 75090

Phone: 903-813-4778
Fax: 903-813-0586
Sherman Law Office

Pelley Law Office, L.L.P.
100 Crescent Court, 7th Floor
Dallas, TX 75201

Phone: 214-799-6441
Dallas Law Office

Pelley Law Office, L.L.P.
5309 Sandstone Lane
McKinney, TX 75070

Phone: 214-733-1775
McKinney Law Office

Pelley Law Office, L.L.P.
8918 N 5th St
Frisco, TX 75034

Phone: 972-423-5596
Frisco Law Office

Pelley Law Office, L.L.P.
825 Market Street
Building M, Ste. 250
Allen, TX 75013

Phone: 214-504-8179
Allen Law Office

Pelley Law Office, L.L.P.
15305 Dallas Parkway, Ste. 300
Addison, Texas 75001
Phone: 214-504-8958
Addison Law Office

Pelley Law Office, L.L.P.
2435 North Central Expressway
12 th Floor
Richardson, Texas 75080
Phone: 972-423-6075
Richardson Law Office

Pelley Law Office, L.L.P.
545 East John Carpenter Freeway
Suite 300
Irving, Texas 75062
Phone: 214-592-9857
Irving Law Office

Pelley Law Office, L.L.P.
5601 Bridge St., Ste. 300
Fort Worth, Texas 76112
Phone: 817-205-1490
Fort Worth Law Office