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.

Top 5 Ways to Bounce Back After a Foreclosure

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A foreclosure stays on your credit for seven years. But the effects of foreclosure on your credit immediately start to diminish once the foreclosure has been completed. The same isn’t true for people. Losing a home is tough. Here are the Top [ . . . ]

Good Credit is So Important

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Do you want to buy a home? Maybe you want to rent? Do you want to buy a car? Or a boat, or a wedding ring? Do you want to borrow some money and make improvements to your home? Or would [ . . . ]

What Happens to Student Loans in Chapter 13 Bankruptcy?

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Top 5 Worst Debt Collection Defenses

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Good debt collection defenses flow from the specific circumstances of the debt. Bad debt collection defenses merely delay the lawsuit without changing its outcome. And the worst debt collection defenses are irrelevant, waste the court’s time, and possibly add costs and fees to [ . . . ]

Are We All Just Jealous of the 1 Percent?

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Wealth Inequality The Walton family owns Walmart. They also own more wealth than 40 percent of all Americans. The 400 wealthiest people in the nation own more wealth than 61 percent of the country combined, or about 194 million people. Do we envy [ . . . ]