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You Do Not Have to Be Broke to File Bankruptcy
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 for his $8.25 million mansion is is $17,400, and the value of his vehicles (including…
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Get a Second Chance at Life with Bankruptcy
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 you up at night. And debt collectors can make you afraid to answer your phone.…
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Can I Keep My Car If I File for Bankruptcy?
Most people need a car, either to get to work, to shop for groceries, to haul the kids around. If you live in Maryland or Virginia, you need a car, though less so if you live in DC. One of the questions I get asked all the time is, “Can I keep my car if…
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Beware of Offers to Modify Your Mortgage for a Fee
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 to modify your mortgage for a fee. On February 17, 2016, a federal grand jury…
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When Should You File for Bankruptcy?
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 their options. When Should You File for Bankruptcy? Bankruptcy is not appropriate for every situation.…
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Can I Get My Home Back After Foreclosure?
Clients frequently call our office to ask whether a foreclosure auction can be reversed. I often get asked, “Can I get my home back after foreclosure?” The foreclosure rate across the Washington, D.C. metro area has dropped considerably since the housing bust. After peaking at 3.6% in January 2011, the foreclosure rate currently stands at…
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Building Credit After Filing Bankruptcy
If you’ve filed for bankruptcy, then you’ve made the decision to give yourself a fresh start and free yourself from crushing debt. You’ve made the decision to reduce the stress in your life. You have decided to get a fresh start. Serving clients from all over the Washington D.C. region, Lee Legal specializes in helping…
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Zombie Foreclosures Can Eat Into Your Home Value
A “zombie foreclosure” is a property where the homeowner moves out after foreclosure has been started, but for some reason the foreclosure auction gets cancelled and title is never legally transferred to a new owner. So title to the property remains in the homeowner’s name but the property remains vacant. Zombie foreclosures were one of…
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How Bankruptcy Prevents Foreclosure
Though most people automatically associate the word “bankruptcy” with disaster, fortunately that’s just not true. Bankruptcy can actually help prevent a debt-related catastrophe like foreclosure. And a good bankruptcy attorney will be there with you through every step of the process. Read on to learn how bankruptcy prevents foreclosure. Foreclosure filings — default notices, scheduled auctions…
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5 Reasons Why NFL Players Declare Bankruptcy
NFL players declare bankruptcy with surprising regularity. Warren Sapp, the seven-time Pro-Bowler and Hall of Fame defensive tackle, earned a whopping $82 million during his 13-year career that ended in 2007. By the spring of 2012, however, Sapp had filed for Chapter 7 bankruptcy. At that time, Sapp was still pulling in $116,000 per month…
Posts by Practice Area
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