Pelley Law Office LLP
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Credit Card Debt and Bankruptcy

Credit card debt can really weigh a strain on your life, your marriage, and your health.  Filing for protection under Chapter 7 or Chapter 13 of the Bankruptcy Code can help get your life back together.  Sometimes a debt settlement plan is appropriate rather than a bankruptcy.  However, there is the potential for income tax liability if a settlement is completed.  

An exception to the gross income rule in the Internal Revenue Code is discharge of indebtedness under the Bankruptcy Code.  So, when you get a discharge from your debts under the Bankruptcy Code then there is no income tax liability.  If you talk to an experienced bankruptcy attorney then you can get counseling on how to rehabilitate your credit score after the bankruptcy. 

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Office Locations

Plano office
Sherman office
Dallas office

Plano Office
1312 14th Street, Suite 100
Plano, Texas 75074

Phone: 972-608-0335
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Sherman Office
905 North Travis Street
Sherman, Texas 75090

Phone: 903-813-4778
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Dallas Office
100 Crescent Court
Suite 700
Dallas, Texas 75201

Phone: 214-733-1775
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