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.

Don’t Send Good Money After Bad

December 7, 2017 Brian V. Lee

Don’t send good money after bad. Have you heard the phrase? It means spending even more money on an investment with the hope of recouping your original investment. Most of our clients feel their credit card purchases to be investments. From [ . . . ]

Bankruptcy Could Help You Keep Your Security Clearance

November 20, 2017 Brian V. Lee

All security clearance levels are subject to periodic reinvestigation. Confidential clearances require renewal every 15 years, Secret requires every 10 years, and Top Secret requires reinvestigation every 5 years. Bankruptcy will definitely affect your initial security clearance review and, in [ . . . ]

New Chapter 7 Means Test Numbers Take Effect

November 1, 2017 Brian V. Lee

New Chapter 7 means test numbers take effect November 1, 2017. The means test numbers purport to state the median income per family size based on jurisdiction. To file a Chapter 7 bankruptcy, you must qualify under the Chapter 7 bankruptcy [ . . . ]

The Silver Lining to Filing Bankruptcy

September 25, 2017 Brian V. Lee

Bankruptcy solves all sorts of financial problems. But when you’re facing the choice of filing bankruptcy, it can be easy to see only the downsides. If you decide that bankruptcy is the best option for you, try to focus on [ . . . ]

What If I Can’t Pay My Bills Anymore?

August 23, 2017 Brian V. Lee

Bankruptcy does not help you pay your bills. If you’re going to go right back into new debt after eliminating all of your old debts, bankruptcy might not be right for you. Or it might not be right for you [ . . . ]

If You Have to File Bankruptcy, Do It Immediately

August 3, 2017 Brian V. Lee

If you have to file bankruptcy, do it immediately. The longer you delay, the more you’re going to pay. You’ll pay more for attorneys fees because your problems will become more complicated. And your credit score will pay a heavy [ . . . ]

When You Should NOT File for Bankruptcy

July 10, 2017 Brian V. Lee

Only bankruptcy will solve certain financial problems. Bankruptcy remains the first and best choice for many common cash-flow and debt issues. Avoiding bankruptcy when it is the smart course of action often does nothing more than make for more difficult [ . . . ]

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