Business Details
21 Years
experience
East Texas Bankruptcy Solutions
Attorney Mike Wallace, P.C. is a dedicated bankruptcy law firm serving East Texas since 2005. Our practice focuses on providing compassionate, non-judgmental debt relief solutions through Chapter 7 and Chapter 13 bankruptcy proceedings. With offices in Tyler, Longview, Jacksonville, and Nacogdoches, we combine over 15 years of legal expertise with personalized service to help clients achieve financial freedom. Our team understands the emotional and financial stress debt can cause, offering practical guidance and strategic legal representation throughout the bankruptcy process.We prioritize client education, transparent communication, and ethical practice while maintaining deep community roots and a commitment to Christian values. Our proven track record demonstrates consistent success in stopping foreclosures, halting creditor harassment, and rebuilding clients' financial futures through tailored legal strategies.
Services
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
SBA Loan Bankruptcy
Receivership Services
Debt Relief Consultation
Foreclosure Prevention
Creditor Harassment Defense
Tax Debt Resolution
Asset Protection Planning
Bankruptcy Education
Details
- Year established: 2005
Highlights and features
- 15+ years of bankruptcy law experience in East Texas
- Personalized guidance through Chapter 7 and Chapter 13 processes
- Proven success stopping foreclosures and creditor harassment
- Christian values-based, non-judgmental client support
- Local offices in Tyler, Longview, Jacksonville, and Nacogdoches
What people say
Genuine concern for clients
Thorough explanations of process
Immediate response availability
Stress-free experience
Successful debt elimination
Services
Chapter 7 Bankruptcy
Chapter 7 bankruptcy eliminates unmanageable debt through asset liquidation exemptions. This process stops creditor harassment and wage garnishments while protecting essential assets like homes and vehicles. Most clients qualify for no-asset cases where property remains protected. The process typically completes within 90 days, providing immediate financial relief for individuals earning below Texas median income levels.
Chapter 13 Bankruptcy
Chapter 13 establishes structured repayment plans for debtors with regular income. This option protects valuable assets like homes and vehicles while restructuring payments over 3-5 years. It specifically benefits clients above median income levels or those needing to catch up on mortgage arrears. The court-approved plan provides legal protection from creditors throughout the repayment period.
SBA Loan Bankruptcy
Specialized bankruptcy solutions address SBA loan obligations and business debt. The process analyzes loan terms, collateral requirements, and personal guarantees to determine optimal discharge or restructuring strategies. Legal representation protects business assets while negotiating with lenders to minimize financial exposure during Chapter 7 or Chapter 11 proceedings.
Receivership Services
Court-appointed receivership management protects client interests during asset liquidation proceedings. Legal representation ensures compliance with Texas receivership laws while safeguarding exempt property. Services include debtor advocacy, asset management oversight, and strategic defense against improper creditor claims throughout the receivership process.
Foreclosure Prevention
Bankruptcy filings immediately halt foreclosure proceedings through automatic stay provisions. Chapter 13 specifically allows mortgage arrearage repayment over extended periods while maintaining current payments. Legal strategies preserve home equity and prevent property loss through structured debt reorganization and creditor negotiation.
People
Attorney Mike Wallace
Bankruptcy Attorney
Attorney Mike Wallace has practiced bankruptcy law in East Texas since 2005. A Baylor University School of Law graduate, he specializes in Chapter 7 and Chapter 13 filings while maintaining strong community ties through local church involvement and family land stewardship dating to 1852.
Questions
What are the differences between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 eliminates debt through asset liquidation exemptions while Chapter 13 establishes 3-5 year repayment plans. Income qualifications and asset protection needs determine the appropriate option.
Will bankruptcy stop creditor harassment?
Yes, automatic stay provisions immediately halt collection calls, lawsuits, and wage garnishments upon filing.
Can I keep my home during bankruptcy?
Chapter 13 specifically protects homes through mortgage repayment plans while Chapter 7 exemptions preserve equity up to specific limits.
How does bankruptcy affect credit scores?
Most clients experience 100-point FICO score improvements within 12 months post-discharge through improved debt-to-income ratios.
Are SBA loans dischargeable in bankruptcy?
Business debt obligations including SBA loans can often be restructured or discharged through Chapter 7 or Chapter 11 proceedings with proper legal strategy.
What documents are needed for bankruptcy filing?
Required documents include income statements, asset inventories, debt listings, and mandatory credit counseling certificates for both Chapter 7 and Chapter 13 filings.
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