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.

The Top 4 Credit Killers and How to Avoid Them

November 23, 2020 Brian V. Lee

You don’t have to have a perfect credit score. Few do. Yet having good credit is important for getting good interest rates on credit cards, mortgages, and vehicle loans. Employers look at credit scores, too, when making hiring decisions. Even [ . . . ]

At Least 42 Percent of Covid Layoffs Will Be Permanent

July 13, 2020 Brian V. Lee

Covid-19 is Also a Reallocation Shock, a recent white paper from the National Bureau of Economic Research, makes some troubling predictions for the U.S. economy. The researchers anticipate a drawn-out economic recovery from the Covid-19 shock, even if the pandemic [ . . . ]

Managing Your Personal Finances During a Recession

May 6, 2020 Brian V. Lee

Economists now agree that the American economy has entered a recession. Since March 2009, America has witnessed history’s longest bull market in which the S&P 500 rose 330 percent. Unfortunately, the party is over. The deadly and highly contagious coronavirus [ . . . ]

Student Loan Debt Relief

February 21, 2020 Brian V. Lee

Student loan debt in America just keeps growing and now totals $1.6 trillion. As CNBC reports, hardly anyone is paying down their loans. Only 51 percent of borrowers who took out loans from 2010-12 have made any progress at all [ . . . ]

Living in Washington DC is Expensive

February 12, 2020 Brian V. Lee

In 2019, for the first time ever, the number of personal income tax filers in Washington DC who reported earning $100,001 or more topped any other income group. As reported by the Washington Business Journal, the District of Columbia had [ . . . ]

Getting Out of Debt Improves Judgment, Reduces Anxiety

December 17, 2019 Brian V. Lee

According to a new study, getting out of debt reduces anxiety and improves cognitive function. You can improve your decision-making ability by getting rid of your debt. The psychological costs of servicing debt Chronic indebtedness afflicts rich and poor nations [ . . . ]

Small Business Bankruptcy Just Got Easier

October 10, 2019 Brian V. Lee

The Small Business Reorganization Act of 2019 took effect on August 23, 2019. The new law eases requirements for small business bankruptcy in several ways. Now a trustee will be assigned to each case Now a standing trustee will oversee each case, [ . . . ]

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