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.

5 Reasons Why NFL Players Declare Bankruptcy

February 7, 2016 Brian V. Lee

NFL players declare bankruptcy with surprising regularity. Warren Sapp, the seven-time Pro-Bowler and Hall of Fame defensive tackle, earned a whopping $82 million during his 13-year career that ended in 2007. By the spring of 2012, however, Sapp had filed [ . . . ]

The Effects of the Great Recession on American Wealth

February 5, 2016 Brian V. Lee

I just finished reading the 12th Edition of State of Working America, which provides some excellent insights into the effects of the Great Recession on American wealth. The book is the work of the Economic Policy Institute, a nonpartisan, nonprofit [ . . . ]

Structural Changes in the Washington Region Economy

January 30, 2016 Brian V. Lee

The Roadmap for the Washington Region’s Future Economy is a fascinating new report by Stephen Fuller, head of the Center for Regional Analysis at George Mason University. Below are some takeaways from the report, which highlights several structural changes in [ . . . ]

What is the REAL Unemployment Rate?

January 26, 2016 Brian V. Lee

An interesting article over at CNBC discusses what the unemployment rate really means. Economists often look past the “main” unemployment number (also known as the “U-3 rate”) to other indicators, like the U-6 rate, which many prefer because it captures [ . . . ]

The Legacy of the Great Recession

January 18, 2016 Brian V. Lee

There are some great graphs in a Center on Budget and Policy Priorities article Chart Book: The Legacy of the Great Recession. Between December 2007 and June 2009, the United States went through its longest recession since the Great Depression [ . . . ]

Your Best Debt Defense May Be Bankruptcy

December 27, 2015 Brian V. Lee

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 [ . . . ]

Bankruptcy is the Cure That Ails You

November 16, 2015 Brian V. Lee

Bankruptcy is not like drinking a cold milkshake. It’s not like lying on the beach, soaking up the sun. Or having a drink at the club with your friends. Bankruptcy isn’t for everyone or for every situation. And bankruptcy isn’t [ . . . ]

Causes of Debt

October 20, 2015 Brian V. Lee

There are many different causes of debt. The TV quiz show Jeopardy! recently addressed five types. Student loans Seven in ten students graduate with student loan debt, which is now bigger than both auto loans and credit cards. And student [ . . . ]

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