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.

Non-Qualified Student Loans Can Be Discharged in Bankruptcy

October 1, 2019 Brian V. Lee

You can discharge your non-qualified student loans in bankruptcy. Most student loans are “qualified” student loans and cannot be discharged in bankruptcy. But not so for non-qualified student loans. What are non-qualified student loans? Student loans are generally excepted from [ . . . ]

Will Unpaid Student Loans Affect My Credit Score?

January 8, 2019 Brian V. Lee

Total student loan debt in the U.S. has reached $1.5 trillion, and the average student borrower graduates with nearly $40,000 in student loans. The number of college students taking out loans has tripled in just the last decade. Yet most [ . . . ]

How Student Loan Debt Prevents Homeownership

November 19, 2018 Brian V. Lee

Perhaps it’s no surprise, but student loan debt prevents homeownership. In just the third quarter of 2018, total outstanding student loan debt increased by a whopping $37 billion. The amount of student loan debt in the United States now stands at [ . . . ]

Working with Your Student Loan Servicer

October 3, 2018 Brian V. Lee

Working with your student loan servicer becomes especially important if you experience difficulty in making your monthly payment. If default is inevitable With most student loan servicers, you have more options available to you if you contact them before you [ . . . ]

What Happens When You Default on Student Loans

September 11, 2018 Brian V. Lee

What happens to you when you default on student loans largely depends on whether you have federally-backed or private loans. When you default on federally-backed student loans Most student loans are backed by the federal government. These include Stafford and [ . . . ]

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