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.

Student Loans: The Only Type of Risk-Free Lending

February 27, 2018 Brian V. Lee

The only type of risk-free lending in the United States is student lending. Student loans cannot be discharged in bankruptcy and can even survive your death. No other type of lender in America is afforded the same protections as student [ . . . ]

Student Loans and Financial Well-Being

January 17, 2018 Brian V. Lee

A Report on the Economic Well-Being of U.S. Households (May 2017) by the Federal Reserve offers some key insights into the economic status of American consumers. The report makes several striking findings about student loans and financial well-being. College graduates are struggling financially [ . . . ]

The 6 Biggest Student Loan Debt Mistakes to Avoid

December 22, 2017 Brian V. Lee

About $84 billion of the approximately $1.37 trillion in student loan debt that Americans owe is in default. Increasingly, student loan borrowers are finding it too difficult to repay and are simply defaulting. From loan inception to repayment, here are 6 student loan [ . . . ]

Student Loan Debt in DC, Virginia, and Maryland

November 8, 2017 Brian V. Lee

In October 2017 the Consumer Financial Protection Bureau (CFPB) published a 50 State Snapshot of Student Debt. Since its formation, the CFPB has handled tens of thousands of complaints related to student loan lenders, servicers, and debt collectors. Student loan debt in [ . . . ]

Income Driven Repayment of Student Loans

September 11, 2017 Brian V. Lee

If you are struggling to make the monthly payments on your student loans, consider an income driven repayment plan for your student loans. These programs should make your federal student loan payments more affordable, according to the Federal Student Aid [ . . . ]

When You Should NOT File for Bankruptcy

July 10, 2017 Brian V. Lee

Only bankruptcy will solve certain financial problems. Bankruptcy remains the first and best choice for many common cash-flow and debt issues. Avoiding bankruptcy when it is the smart course of action often does nothing more than make for more difficult [ . . . ]

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