Rated 5.0 with 182 reviews on Google
I had no idea what I was doing or what to expect while I was looking for a bankruptcy lawyer. I found Derek Prosser by pure chance and couldn’t have gotten luckier. Honestly, if you’re in the market for an attorney to handle your debt issues, just call him…
One the best experiences even though it is a traumatic event in my life. Derek was the best, he listened to my concerns, answered my questions with patience and understanding. It was so easy to work thru the process. I will work with this law office for all my needs. If you are searching for a good…
I can’t be more pleased with the outcome of the services that were rendered. They were very attentive and professional with ensuring that my needs were met. I am highly recommending them if you are in a need of an awesome Law Firm. They are awesome.
Dallas Bankruptcy Lawyer
Toronjo & Prosser Law provides comprehensive debt-relief services to individuals, families and small business owners throughout the Dallas-Fort Worth area. If you are struggling with insurmountable debt, our bankruptcy attorneys can help explore all your options. Despite the common perception that bankruptcy is a personal failure, we know that individuals and businesses can become financially distressed through no fault of their own.
Well-versed in the U.S. Bankruptcy Code and Texas exemptions, we regularly help our clients navigate Chapter 7, Chapter 11, and Chapter 13 bankruptcy proceedings. If you are being threatened with creditor lawsuits, facing a foreclosure or at risk of defaulting on a business loan or credit cards, you need the informed representation we provide. When you consult with us, we will take the time to understand your circumstances and work to help lift your financial burdens.
Guided by the principle of always putting the interests of our clients first, we will provide you with trustworthy advice and objective insights so that you can make the best decisions about your future. Bankruptcy attorneys Mark Toronjo and Derek Prosser have successfully handled thousands of bankruptcy petitions and are also highly experienced in debt negotiations.
If you are in financial trouble, Toronjo & Prosser Law will be your lifeline. Because we understand your situation, we offer free consultations and affordable payment plans. The sooner you contact our experienced Texas bankruptcy attorneys, the sooner you can get a fresh start on your finances.
Learn More About Us
As a consumer or business looking for an attorney to represent you or your organization, you want a professional that is:
- Experienced
- Licensed and in good standing
- Has a clean disciplinary record
When you see the Lead Counsel Verification, you can be assured an attorney meets objectively strict quality assurance standards and is worthy of your trust and confidence.
At Toronjo & Prosser Law, we believe that all clients should be approached the same way and without judgment. It is our mission to make sure all clients feel like we understand what they’re going through. Clients are advised that filing for bankruptcy is a serious consideration and that there can be repercussions. While a bankruptcy will remain on your credit report for a period of 7-to-10 years, depending on the type of filing, most credit scores improve dramatically long before the bankruptcy filing disappears from their credit report.
Credit scores are impacted by numerous factors, including: bankruptcy filings, missed and defaulted payments, foreclosures, repossessions, judgments, etc. In most circumstances, seeking bankruptcy protection to avoid the negativity associated with those factors can help to reorganize your finances and protect your assets and your future. The most common bankruptcy options include:
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy is the quickest and simplest form of bankruptcy. Although it is known as a liquidation bankruptcy, in most cases debtors are able to keep all of their property. Chapter 7 bankruptcy is effective because it can eliminate most of your unsecured debt and is available to both individuals and businesses. In some instances, if the debtor is unable to protect (i.e. exempt) all of their assets, a Chapter 7 case trustee can sell the non-exempt assets to repay all or part of your debts. At the conclusion of the case, the debtor is awarded with a discharge of their dischargeable debts.
It is important to know that debtors are allowed to “exempt” most, if not all, of their assets in a chapter 7 bankruptcy. Whether state law exemptions or U.S. federal exemptions are applied, the attorneys at Toronjo & Prosser Law will be able to navigate the protection of your assets, and advise each debtor on whether or not some of their assets are non-exempt and unprotected.
Businesses that file for bankruptcy do not receive a discharge like individuals do. Instead, businesses in chapter 7 are closed, and any remaining property of the business will be liquidated to pay business debts.
One of the most important benefits of filing a Chapter 7 bankruptcy petition is the automatic stay. Once a case is filed, the automatic stay goes into effect to stop creditors from attempting to collect on their debts. Some of the more commons creditor actions that the automatic stay stops are:
- Wage garnishments
- Repossessions
- Foreclosures
- Creditor lawsuits
- IRS tax levies
- Evictions
The automatic stay remains in effect until the bankruptcy is either dismissed or discharged. If your case is dismissed, however, collection activities can restart. The bankruptcy attorneys at Toronjo & Prosser can help to identify situations where a case could be at risk of dismissal. When a Chapter 7 bankruptcy is discharged, the unsecured debt is eliminated. However, the bankruptcy will be dismissed if the proper paperwork is not filed correctly, the debtor fails to provide the court with any requested information, or if the debtor engages in fraud, such as concealing or transferring assets.
Learn More About Chapter 7
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is referred to as a reorganization bankruptcy that is only available to individuals and married couples. Businesses are not eligible to file for chapter 13 bankruptcy under the Bankruptcy Code. In essence, chapter 13 bankruptcy is a 3 to 5 year court-approved repayment plan that helps the debtor consolidate their debts while retaining their property (and, in most instances, keep the property even if it is non-exempt!).
The automatic stay also goes into effect in chapter 13 bankruptcies, stopping all collection activities, foreclosures, repossessions, etc. Chapter 13 can help debtors reinstate their missed mortgage payments by including the arrearage in the repayment plan, which allows the debtor to catch up on the delinquent payments over the life of the case, as well as continuing to make the regular monthly payments.
Chapter 13 is also useful in consolidating other debts, such as: high interest credit cards, business and personal loans, delinquent child support obligations, past due taxes, alimony, and car repossessions. For a Chapter 13 to be discharged, the payment plan must be completed. If you fail to make the payments, your case will be dismissed and creditors can resume collection activities and lawsuits.
Learn More About Chapter 13Reorganization Bankruptcy
In addition to Chapter 13 bankruptcy, another type of reorganization bankruptcy is Chapter 11 bankruptcy. Chapter 11 is commonly used by businesses to restructure their affairs; however, it is also available to individuals in limited circumstances. If you are considering Chapter 11 bankruptcy, our legal team can help to determine whether this is a viable option for you.
Learn More About Chapter 11
Toronjo & Prosser Law
214.609.8787
6440 N. Central Expressway, Suite 104 Dallas, TX
I cannot say enough about how great Derek was to work with, and how easy he made a difficult bankruptcy. I was told by three other bankruptcy attorneys that my bankruptcy couldn’t be done because I had two default fraud judgements from a business that went south. Derek explained my options and let me know exactly what to expect. The entire process went smooth, and Derek pulled off what others told me could not happen! I would recommend him to anybody that finds themselves in the unfortunate position of needing to file bankruptcy!
Toronjo & Prosser Law
214.609.8787
6440 N. Central Expressway, Suite 104 Dallas, TX
I contacted Derek and Toronjo & Prosser Law to discuss some tax issues I was dealing with on some past due obligations. My CPA suggested that the old taxes might be dischargeable in bankruptcy, but I wasn’t sure. I talked with Derek and he walked me through the elements of eliminating those taxes and we moved forward with a chapter 7 bankruptcy. We received a chapter 7 discharge, and sure enough, the IRS confirmed that the chapter 7 wiped out over $200,000 in past due taxes. This has put us in a much better financial position.
Toronjo & Prosser Law
214.609.8787
6440 N. Central Expressway, Suite 104 Dallas, TX
Filing for bankruptcy is not an easy decision to make. The easiest part was having Mark Toronjo, and his partner Derek Prosser handle it for me. Mark immediately put my mind at ease after I first spoke with him. He thoroughly explained the process to me, and the steps needed to get the process going. With his guidance, I provide the necessary information, did the required classes, and had my hearing. I was actually surprised how easy and relatively stress free of an experience it was! I would highly recommend Mark and Derek. Their knowledge, professionalism and friendliness can't be beat!
Toronjo & Prosser Law
214.609.8787
6440 N. Central Expressway, Suite 104 Dallas, TX
Derek is the best attorney you can find here in the Dallas Fort Worth metroplex and in fact in the USA when it comes to bankruptcy
He has the expertise , the knowledge.. honest , very straightforward and our initial consultation that was free calmed us down as we were in a very frightening stress situation with credit card debts that piled and with junk debt collectors after us with harassing calls at home , at my wife's work and even pasting lawsuits at our neighbours residences . It was scary and also embarrassing as well. They were like sharks on us.
We are a family who had excellent credit and paid all our bills on time but...
Common Reasons for Bankruptcy
Anyone can experience financial hardship, regardless of age, background, education or income level, through no fault of their own. The leading reasons for bankruptcy include:
A 2019 study published in the American Journal of Public Health indicates that medical issues — the high cost of care, time lost from work — account for 66.5 percent of bankruptcy filings in the U.S. The study also found that the majority of filers had some form of health insurance; serious illnesses or injuries, however, can result in hundreds of thousands of dollars in medical bills that are not fully covered. Because medical bills can quickly deplete savings and retirement accounts, bankruptcy may be the only alternative.
The loss of income due to a layoff, termination, or unemployment can be devastating. Employers are not required to offer severance packages, and unemployment benefits do not replace all of the lost income. The loss of insurance coverage and the cost of obtaining private insurance coverage can also add to a job seeker’s financial burdens. Those who are unemployed for an extended period without an emergency fund to rely on one can easily spend through their savings and may not be able to pay their creditors, which makes filing for bankruptcy necessary.
Individuals who cannot control their spending are at risk of having their credit cards, auto loans, and other debts spiral out of control. While some borrowers may be able to obtain a debt consolidation or home equity loan, these tactics often fail, leaving bankruptcy the only option.
A marital breakup can result in significant financial burdens for both parties, including legal fees, dividing the marital property, child support orders, spousal support, and the cost of maintaining two separate households after divorce is settled. These costs can make it more difficult for both parties to keep up with their bills and cause either of them to seek bankruptcy protection.
Emergencies happen. A death in the family or property damage arising from a natural disaster (e.g. earthquake, flood) can cause significant hardship for those who are uninsured or underinsured. Such a calamity can result in having to file for bankruptcy.
Regardless of the reason for your financial troubles, Toronjo & Prosser Law will always be there to answer your questions. Our bankruptcy attorneys are here to provide you with workable debt-relief solutions. From negotiating with creditors to assisting with bankruptcy filings to working out business loans, we will design a strategy to protect your rights and your financial future.
Contact Our Experienced Texas Bankruptcy Attorneys
If you are struggling to pay your bills, keep up with your house and car payments, or being sued by creditors, turn to the bankruptcy attorneys at Toronjo & Prosser Law. We can help you navigate your financial difficulties and fully explain the bankruptcy process in Texas. We know that the legal system can be complicated and intimidating, and we will stand by you every step of the way. When you become our client, you will have peace of mind knowing that debt relief and a fresh start is within your reach. We have offices located in Dallas and Southlake and help people across Texas including those in Denton, Fort Worth, McKinney and Plano.
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Dallas Office
6440 N. Central Expressway, Suite 104
Dallas,
TX
75206
Call our office 214.609.8787