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.

Should I File Bankruptcy?

July 6, 2010 Brian V. Lee

Bankruptcy is not for everyone, and not a decision to take lightly. Over three quarters of a million Americans will declare bankruptcy in 2017. But how do you know if bankruptcy is right for you? If you find yourself asking, [ . . . ]

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 [ . . . ]

Be Prepared When the Collection Agent Calls

June 12, 2010 Brian V. Lee

When the collection agent calls, be prepared. Thanks to the Fair Debt Collection Practices Act, you don’t have to take abuse just because you owe a debt. The Fair Debt Collection Practices Act (FDCPA) strictly prohibits debt collectors from using [ . . . ]

What is a Proof of Claim in Bankruptcy?

June 6, 2010 Brian V. Lee

In bankruptcy, a Proof of Claim is a creditor’s written statement detailing the creditor’s claim against the debtor. A Proof of Claim is usually filed in Chapter 13 cases. But Proofs of Claim are sometimes filed in Chapter 11 and [ . . . ]

What is the Bankruptcy Discharge?

May 27, 2010 Brian V. Lee

What is the Bankruptcy Discharge? Usually, the whole reason to declare bankruptcy is to obtain the bankruptcy discharge. Once you have received your discharge in bankruptcy, no discharged creditor can take any enforcement action against you, ever. In other words, [ . . . ]

Debt Settlement Companies are Rip-Offs

May 15, 2010 Brian V. Lee

There exists no independent research on the success rates of so-called “debt settlement” companies. Both internal company reports and copious anecdotal evidence suggest that fewer than one in four of those who hire these companies actually complete their programs. Even more [ . . . ]

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 [ . . . ]

Top Ten Movies About the Economic Crisis

May 3, 2010 Brian V. Lee

Understanding how the economy got to where it is today is no easy task. What follows are the top ten movies about the economic crisis. Elizabeth Warren, Harvard Law Professor and whip-smart economic wonk, succinctly summarized the frightening state of [ . . . ]

Payday Loans Are Rarely a Wise Credit Choice

April 25, 2010 Brian V. Lee

Payday loans are bad news. Defaulting on any loan reflects negatively on a person’s ability to re-pay debt, but not all lenders report defaulting loans. Payday loans do. There are lots of negative consequences to defaulting on cash advance or payday loans. [ . . . ]

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