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.

Great Recession Still Troubles the Middle Class

November 25, 2014 Brian V. Lee

Just released is an insightful new white paper from the Brookings Institution’s William A. Galston entitled The New Challenge to Market Democracies. The author goes further than simply asserting that better policy can reverse the now decades-old trend of income [ . . . ]

Inside the Dark World of Consumer Debt Collection

October 31, 2014 Brian V. Lee

In August 2014, the New York Times published a fascinating article by Jake Halpern entitled Paper Boys: Inside the Dark, Lucrative World of Consumer Debt Collection. The article follows the intertwining tales of Aaron Siegel and Brandon Wilson, two men who [ . . . ]

John Oliver on Payday Loans and Predatory Lending

August 12, 2014 Brian V. Lee

Payday loans are essentially a form of predatory lending. Payday loans can legally lend at usurious interest rates, which means consumers lose. There are alternatives to payday loans. There are more payday lenders in the United States than there are [ . . . ]

The Bankruptcy Threat in Debt Settlement Negotiations

June 21, 2014 Brian V. Lee

When attempting to settle a debt or otherwise negotiate with a creditor, the bankruptcy threat is a potent weapon. The credible threat of bankruptcy from your attorney can induce a creditor to reconsider his position during negotiations. Creditors More Willing to Negotiate If You Are Willing to File [ . . . ]

Use Creative Destruction to Refocus Your Personal Finances

June 3, 2014 Brian V. Lee

Austrian-born American economist and political scientist Joseph Schumpeter coined the term creative destruction in 1942. “Creative destruction” is the willful reconfiguration of an existing economic system in order to clear the ground for the creation of new wealth. There are obviously [ . . . ]

Bankruptcy Debtors by the Numbers

May 15, 2014 Brian V. Lee

If you’re interested in who is filing bankruptcy, look into the latest ABI Journal’s Bankruptcy by the Numbers to learn more about bankruptcy debtors by the numbers. Decline in bankruptcy filings Bankruptcy filings have declined by nearly one-third since peaking [ . . . ]

Saturday Office Hours for Bankruptcy Clients

May 10, 2014 Brian V. Lee

Lee Legal offers Saturday office hours for bankruptcy client consultations. We know you’re busy. It can be tough to take time off work. If you prefer weekend appointments, we can accommodate you. Flexible office hours for busy clients Our Saturday [ . . . ]

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