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.

Bankruptcy Will Not Kill Your Credit

June 19, 2012 Brian V. Lee

Bankruptcy will not kill your credit for 10 years. Many of the clients who come into my office think that. This common misperception is the result of an intense and extended propaganda campaign by institutional lenders and credit card companies. Obviously, [ . . . ]

How to Dispute Errors on Your Credit Report

August 14, 2011 Brian V. Lee

Federal law allows you to request an investigation of information on your credit report that you feel may be inaccurate. No one can legally remove from a credit report accurate negative information, such as bankruptcy, tax liens, judgments or child [ . . . ]

Top 10 Myths About Bankruptcy

June 17, 2010 Brian V. Lee

If you are considering filing bankruptcy, consult with an attorney to help you understand your options. You should not take lightly the choice to file bankruptcy. But you should also not dread bankruptcy for the wrong reasons. Don’t fall prey [ . . . ]

How Will Bankruptcy Affect My Credit Score?

May 10, 2010 Brian V. Lee

Bankruptcy fixes many past and current financial problems. But before you file, it’s smart to ask: How will bankruptcy affect my credit score? What is my credit score? Your credit score is a numerical expression (between 300 and 850) based [ . . . ]

Repairing Your Credit After Bankruptcy

April 28, 2010 Brian V. Lee

If you are considering filing for bankruptcy protection, you have likely considered what effect it will have on your future finances. After all, bankruptcy is a matter of public record, and the bankruptcy will remain on your credit report for 10 [ . . . ]