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.

How Long Will Bankruptcy Stay on My Credit Report?

March 30, 2016 Brian V. Lee

Bankruptcy can be a life-changing decision. You should definitely educate yourself as much as possible about the ramifications before you file. Your specific circumstances will determine whether bankruptcy is the right choice for you. But you must keep your long-term [ . . . ]

Boomerang Buyers Are Back!

March 23, 2016 Brian V. Lee

Boomerang buyers are back from the housing crisis. “Boomerang buyers” is the name for homebuyers who had lost their homes to short sales and foreclosures during the housing crisis. Mortgage default rates skyrocketed in 2006, and in the years following [ . . . ]

Increasing Debt is the New Economic Crisis

March 17, 2016 Brian V. Lee

A Time article Why the World’s Debt Epidemic May Lead to a New Economic Crisis (free for subscribers) posits that there is an unprecedented amount of public, private and consumer debt in the world today. Specifically, there’s now $57 trillion [ . . . ]

You Do Not Have to Be Broke to File Bankruptcy

March 15, 2016 Brian V. Lee

  Megastar veteran rap artist 50 Cent declared Chapter 11 bankruptcy on August 3, 2015. In his bankruptcy schedules, 50 Cent (real name: Curtis James Jackson III) listed assets amounting to $24,823,899.18 and debts totaling $32,509,549.91. The monthly mortgage payment [ . . . ]

Get a Second Chance at Life with Bankruptcy

March 11, 2016 Brian V. Lee

Dealing with unmanageable debts can completely take over your life. You don’t get that many opportunities in life to start over. But you can get a second chance at life with bankruptcy. Worrying about losing your car or home can keep [ . . . ]

Beware of Offers to Modify Your Mortgage for a Fee

March 7, 2016 Brian V. Lee

Since the subprime mortgage meltdown of December 2007 to June 2009, mortgage modifications have saved many homeowners from foreclosure. Yet many illegitimate companies and individuals have preyed on people seeking modifications. My advice to you is to beware of offers [ . . . ]

When Should You File for Bankruptcy?

March 3, 2016 Brian V. Lee

If you’ve been holding off filing bankruptcy, there are some clear indicators of when you should actually throw in the towel. When should you file for bankruptcy? Lee Legal offers free consultations to both businesses and individuals who are weighing [ . . . ]

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