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Student Loans Jeopardize Retirement for Older Americans
Retirement is supposed to be a time to leave behind the hassles and stress of the workforce. In many ways, retirement is the reward for a lifetime’s contribution to the economy and country. We usually consider student loans to be a problem for the young. But today’s retirees increasingly face crushing student loan burdens. Believe…
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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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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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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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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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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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Bankruptcy
If debt has taken over your life — the calls, the letters, the constant stress — bankruptcy may be the most powerful tool available to you. Filing immediately triggers an automatic stay, which legally stops creditor calls, wage garnishments, lawsuits, and foreclosure auctions the moment your case is filed.
Lee Legal has helped thousands of individuals, couples, and businesses across DC, Virginia, and Maryland eliminate debt and reclaim their financial lives. Attorney Brian Lee brings over 20 years of bankruptcy experience to every case — and he’ll work directly with you from your first free consultation to your final discharge.
Chapter 7 eliminates most unsecured debt — credit cards, medical bills, personal loans — permanently. Most cases are resolved in about three months.
Chapter 13 lets you keep your assets and catch up on missed mortgage payments through a structured repayment plan that fits your budget. It’s the most powerful tool available for stopping foreclosure.
Chapter 11 gives businesses and high-income individuals a path to reorganize debt while continuing operations — without shutting down.
Bankruptcy law is complex and constantly evolving. You shouldn’t navigate it alone — and with Lee Legal, you don’t have to.
Call (202) 448-5136 today. Every client gets a free, confidential consultation.
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