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.

Is Bankruptcy the Best Option For Me?

June 19, 2017 Brian V. Lee 0

There are times when a person has no choice but to declare bankruptcy, and the decision to file will not be a very challenging one at all. However, bankruptcy considerations are often accompanied by emotional stress and strain on personal [ . . . ]

7 Uncommon Bankruptcy Assets

May 16, 2017 Brian V. Lee 0

When you declare bankruptcy, you must be honest in your statements. You must list all of your property, even the most uncommon bankruptcy assets. List your assets in Schedule A/B. Be sure to include all real property, vehicles, inventory, home [ . . . ]

Don’t Face Your Debt Alone

May 1, 2017 Brian V. Lee 0

Don’t face your debt alone. Hire a lawyer to stand up for you to your creditors. You want a lawyer who understands you and your goals. But also you want a lawyer who understands your creditors and the entire debt [ . . . ]

How Bankruptcy Promotes Entrepreneurship

April 18, 2017 Brian V. Lee 0

Starting a business takes moxy, guts. Business owners can offset the risk of failure with feasibility planning and hard work. But many businesses fail, and our economy must not doom entrepreneurs to complete ruin. The truth is that failure is an [ . . . ]

The Adversary Proceeding: Litigation in Bankruptcy Court

April 13, 2017 Brian V. Lee 0

An adversary proceeding is a lawsuit filed within a bankruptcy case. Creditors, bankruptcy trustees, and other interested parties can file adversary proceedings in a bankruptcy, as can the bankruptcy filer. Bankruptcy offers both debtors and creditors finality in the adjudication [ . . . ]

Use Your Tax Refund to File Bankruptcy

April 3, 2017 Brian V. Lee 0

Attorneys fees used toward bankruptcy are exempt from distribution. In most cases, your entire tax refund can be protected in bankruptcy. But if you are considering filing for bankruptcy, you should also consider how much it will cost to file. [ . . . ]

Student Loans and the Means Test in Chapter 7 Bankruptcy

March 17, 2017 Brian V. Lee 0

The Chapter 7 “means test” determines whether your income qualifies you for a Chapter 7 bankruptcy. Otherwise known as the Chapter 7 Statement of Your Current Monthly Income, the means test prevents debtors with higher-than-median income from filing Chapter 7 [ . . . ]

Top 4 Tax Problems in Bankruptcy

March 15, 2017 Brian V. Lee 0

The top 4 tax problems in bankruptcy are not particularly easy to avoid. For those facing money problems, taxes are often an afterthought. After all, paying taxes means less money in your paycheck. But the tax problems that most frequently [ . . . ]

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