Unresolved debts can take an enormous toll on your overall quality of life. If you feel anxious every time your telephone rings or get a knot in your stomach when retrieving your mail, you may gain peace of mind by seeking bankruptcy protection. In fact, your best debt defense may be bankruptcy.
The two main types of bankruptcy
Serving the entire Washington, D.C. metro area, an experienced bankruptcy lawyer at Lee Legal is ready to answer any questions you may have about bankruptcy protection and debt resolution through one of the two primary chapters:
- Chapter 7 Bankruptcy
This is available for certain individuals who meet specific income and debt requirements. This method of debt defense involves liquidation, which means any unexempted assets can be sold in order to repay all or a portion of existing balances. The temporary elimination of assets is offset by the clean slate you have at the end of your case. Most people who file Chapter 7 do not lose any of their property.
- Chapter 13 Bankruptcy
This option reorganizes debt in a way that allows you to repay balances over three to five years. This chapter, like Chapter 7, will put an end to harassing phone calls and letters. It also stops negative marks on your credit report while you are repaying your loans.
See if bankruptcy fits your needs
Every situation is different. Clients from Washington, D.C., Maryland, and Virginia seeking bankruptcy protection should contact an attorney for advice. Bankruptcy in the D.C. area can be a complex process. To explore your options for debt relief with or without bankruptcy, call Lee Legal at (202) 448-5136 today or complete the inquiry form at our website. While your best debt defense may be bankruptcy, you may have other options, as well.