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.

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 [ . . . ]

The Silver Lining to Filing Bankruptcy

September 25, 2017 Brian V. Lee

Bankruptcy solves all sorts of financial problems. But when you’re facing the choice of filing bankruptcy, it can be easy to see only the downsides. If you decide that bankruptcy is the best option for you, try to focus on [ . . . ]

5 Common Credit Repair Myths

September 5, 2017 Brian V. Lee

Credit repair could be considered more of an art than a science. How you, individually, repair your credit depends on how it was damaged in the first place. Educating yourself about how you can repair your credit is smart, but [ . . . ]

How to Find Out If You Have a Debt in Collection

June 2, 2017 Brian V. Lee

If you’re concerned about your credit score, you probably want to know if you have any debts in collections. Having debt in collection can badly harm your credit score. And the damage can multiply if unaddressed. Creditors often report debts to [ . . . ]

How Your Credit Score is Calculated

February 21, 2017 Brian V. Lee

Your credit score is calculated using the “FICO Five” factors: payment history, credit balances, length of history, credit mix, and new credit. Instead of having a single credit score, however, you actually have three. Each of the the three major [ . . . ]

Will Foreclosure Affect My Spouse’s Credit?

February 3, 2017 Brian V. Lee

When facing foreclosure, wanting to protect your spouse is a natural instinct. Whether your foreclosure will affect your spouse depends upon whether the mortgage loan was a joint debt. Going through a foreclosure is never easy. But a foreclosure is even more [ . . . ]

Good Credit is So Important

January 25, 2017 Brian V. Lee

Do you want to buy a home? Maybe you want to rent? Do you want to buy a car? Or a boat, or a wedding ring? Do you want to borrow some money and make improvements to your home? Or would [ . . . ]

6 Tips to Rebound from Bankruptcy

August 30, 2016 Brian V. Lee

When you file for bankruptcy, you’re giving yourself a financial fresh start. Bankruptcy allows you to easily free yourself from debts you have no realistic ability to repay. Although there are many positive benefits from bankruptcy, your credit will still also [ . . . ]

Building Credit After Filing Bankruptcy

February 23, 2016 Brian V. Lee

If you’ve filed for bankruptcy, then you’ve made the decision to give yourself a fresh start and free yourself from crushing debt. You’ve made the decision to reduce the stress in your life. You have decided to get a fresh [ . . . ]

1 2