Bankruptcy is the legal discharge of debt. If you have taken on more debt than you are able to repay, the law allows you to eliminate most and often all of your debt in bankruptcy. For some debtors, this can have the effect of providing a whole new start in life. The United States Bankruptcy Code is complicated and constantly changing, however, so great care must be taken in preparing a bankruptcy petition.

Chapter 7 and Chapter 13 are the two types of bankruptcy typically available to individual or joint debtors. In either type of bankruptcy, the court issues an nifty order called the “automatic stay,” which directs your creditors to cease all collection activities immediately under penalty of sanction. If your home is scheduled for a foreclosure sale, the sale will be legally postponed while the bankruptcy is pending, typically for three to four months.

If you are considering filing for bankruptcy in Washington, D.C. , Virginia or Maryland, it is strongly recommended that you contact a knowledgeable bankruptcy attorney immediately.

Lee Legal is a debt relief agency as defined by 11 U.S.C. § 528(a)(4). In other words, we help people file for relief under the Bankruptcy Code.

What Will Happen to My Timeshare in Bankruptcy?

October 13, 2013 Brian V. Lee

I frequently have bankruptcy clients who own timeshares with Blue Green, Marriott, Starwood, Westgate, Wyndham, Hilton, Powhatan, Playa Linda, etc. These clients often want to know: What Will Happen to My Timeshare in Bankruptcy? Have you ever seen the movie [ . . . ]

Short Sale vs. Foreclosure in Virginia

September 26, 2013 Brian V. Lee

If you can’t pay your mortgage and take no action, chances are good that you are going to lose your home. Default on a mortgage invariably leads to foreclosure in Virginia. However, foreclosure is usually the very worst possible alternative. [ . . . ]

Student Loan Discharge in Virginia

September 24, 2013 Brian V. Lee

According to American Student Assistance, around 60 percent of all students attending college or pursuing higher education borrow money to pay for tuition. As of 2012, the average student loan balance among all age groups was $24,301, with around a [ . . . ]

You Can’t Go to Jail for a Debt

September 22, 2013 Brian V. Lee

A long time ago, when our country was very young, the U.S. had separate prisons for people who could not repay their debts. We called these jails “debtors’ prisons.” Today, we think it preposterous to throw someone in jail for [ . . . ]

What is a Deficiency Judgment?

September 17, 2013 Brian V. Lee

A deficiency judgment is a court judgment that a mortgage lender gets against a homeowner after a foreclosure. Many states prohibit deficiency judgments, but Virginia, Maryland and the District of Columbia all allow them. Different states impose different limits on [ . . . ]

Can Refinancing Stop Foreclosure?

September 10, 2013 Brian V. Lee

If you default on your mortgage, the mortgage lender will foreclosure on your property. The bank will enforce its legal right, as a secured creditor, to repossess and sell the property. At foreclosure auction, the lender attempts to recover the money [ . . . ]

What is a Foreclosure in Virginia Like?

September 5, 2013 Brian V. Lee

Mortgage lenders use the legal process of foreclosure to recover the unpaid balance of a mortgage by selling real property. Foreclosure can severely damage a homeowner’s credit. And foreclosure can be devastating to a family that loses their home. Foreclosures [ . . . ]

Can I Keep a Credit Card After Bankruptcy?

September 3, 2013 Brian V. Lee

If you are filing for bankruptcy, you should know that it’s sometimes difficult to obtain unsecured credit after you file. You may wonder whether you can keep a credit card after bankruptcy to use in emergencies. The answer is that [ . . . ]

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