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.

Old Apartment Lawsuit: Broken Leases

September 25, 2015 Brian V. Lee

Are you now facing an old apartment lawsuit for a broken lease? Have you moved out of an apartment and still owe rent? There are lots of reasons to move out of an apartment without paying all of the rent [ . . . ]

Bankruptcy is NOT a Last Resort

September 14, 2015 Brian V. Lee

You may have heard the myth repeated so many times that it takes on the air of authority. “Bankruptcy is a last resort.” Well, it’s just not true. Sure, you could struggle. You could drain fully protected retirement or savings [ . . . ]

Should I Get a Credit Card After Bankruptcy?

August 1, 2015 Brian V. Lee

Once you file Chapter 7 bankruptcy, you will be flooded with new credit card offers. It may seem counter-intuitive, but you should get a credit card after bankruptcy. Credit card companies are not doing you a favor. Once you receive [ . . . ]

Bankruptcy Can Actually Improve Your Credit Score

March 5, 2015 Brian V. Lee

An excellent new study by the Federal Reserve Bank of New York examines the effects on households resulting from the 2005 change in bankruptcy laws. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was signed into law by President [ . . . ]

Great Recession Still Troubles the Middle Class

November 25, 2014 Brian V. Lee

Just released is an insightful new white paper from the Brookings Institution’s William A. Galston entitled The New Challenge to Market Democracies. The author goes further than simply asserting that better policy can reverse the now decades-old trend of income [ . . . ]

The Bankruptcy Threat in Debt Settlement Negotiations

June 21, 2014 Brian V. Lee

When attempting to settle a debt or otherwise negotiate with a creditor, the bankruptcy threat is a potent weapon. The credible threat of bankruptcy from your attorney can induce a creditor to reconsider his position during negotiations. Creditors More Willing to Negotiate If You Are Willing to File [ . . . ]

Use Creative Destruction to Refocus Your Personal Finances

June 3, 2014 Brian V. Lee

Austrian-born American economist and political scientist Joseph Schumpeter coined the term creative destruction in 1942. “Creative destruction” is the willful reconfiguration of an existing economic system in order to clear the ground for the creation of new wealth. There are obviously [ . . . ]

Bankruptcy Debtors by the Numbers

May 15, 2014 Brian V. Lee

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 [ . . . ]

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