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Who Will Find Out If I File for Bankruptcy?
Are you ready to file for bankruptcy but stressed out because you’re not sure who will find out? It can be hard to pinpoint who will figure out or actually find out about your bankruptcy. But there are some basic rules of thumb. Before you file, it’s not uncommon to want to know the answer…
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Debts Discharged in Bankruptcy are Not Taxable
Settled debts must be included in your income taxes If you settle a debt for less than you owe, the balance canceled or forgiven is taxable income. You must report any cancelled or forgiven debts as part of your gross income on your income tax return. The creditor will send you an IRS Form 1099-C…
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New Debt Limits for Chapter 13 Bankruptcy Take Effect
New debt limits for Chapter 13 bankruptcy took effect today. For cases filed on or after April 1, 2016, the new limits are: $394,725 for unsecured debt and $1,184,200 for secured debt. The former limits were $383,175 for unsecured debt and $1,149,525 for secured debt. The increase in debt limits essentially means that more people…
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How Long Will Bankruptcy Stay on My Credit Report?
Bankruptcy can be a life-changing decision. You should definitely educate yourself as much as possible about the ramifications before you file. Your specific circumstances will determine whether bankruptcy is the right choice for you. But you must keep your long-term objectives in mind. On a weekly basis I answer the question: How long will bankruptcy…
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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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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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Get Your Finances Back on Track with a Chapter 13 Bankruptcy
If you have too much income or too many assets to file for a Chapter 7 bankruptcy, then consider Chapter 13 instead. Rather than struggling to keep your head above water, contact Lee Legal to get your finances back on track with a Chapter 13 bankruptcy. Get Your Finances Back on Track with a Chapter…
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Your Best Debt Defense May Be Bankruptcy
Unresolved debts can take an enormous toll on your overall quality of life. If you feel anxious every time your telephone rings or get a knot in your stomach when retrieving your mail, you may gain peace of mind by seeking bankruptcy protection. In fact, your best debt defense may be bankruptcy. The two main…
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How Long After Bankruptcy Until I Can Buy a Home?
You finished your bankruptcy and got rid of your debts. Now you may be asking yourself: How long after bankruptcy until I can buy a home? The chapter of bankruptcy matters It may not surprise you, but lenders view Chapter 7 and Chapter 13 bankruptcies very differently. Chapter 7 is the quick and easy process…
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Bankruptcy Debtors by the Numbers
If you’re interested in who is filing bankruptcy, look into the latest ABI Journal’s Bankruptcy by the Numbers to learn more about bankruptcy debtors by the numbers. Decline in bankruptcy filings Bankruptcy filings have declined by nearly one-third since peaking in September 2010. And the total number of bankruptcy filings across all demographics have declined…
Chapter 13
More About
Chapter 13
Chapter 13 bankruptcy is the most powerful tool available for homeowners who want to keep their property and get their finances back on track. Unlike Chapter 7, Chapter 13 lets you catch up on missed mortgage payments over time through a structured repayment plan — stopping foreclosure immediately and allowing you to stay in your home.
Chapter 13 consolidates all your debts into a single monthly payment you can actually afford, based on your income and expenses. The plan runs three to five years, and any remaining eligible debt is legally discharged at the end. You keep your assets, stop the creditor calls, and come out the other side with a clean slate.
Lee Legal has helped thousands of homeowners and families across Washington DC, Virginia, and Maryland successfully navigate Chapter 13 bankruptcy. Attorney Brian Lee brings over 20 years of reorganization experience to every case — drafting plans that work, negotiating with trustees and creditors, and keeping your case on track from filing to discharge.
Browse our Chapter 13 resources below, or call us today at (202) 448-5136 to find out if Chapter 13 is right for you. Every consultation is free and confidential.
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