Washington DC Bankruptcy & Foreclosure Prevention
Being in debt is a stressful experience that can impact every aspect of your life, from your job to your relationships. Lee Legal can help you find a solution to solve your debt problems.
You don’t have to live your life afraid of losing your house or your car, unwilling to answer your phone because of collection calls, or staring at stacks of bills you can’t pay. Bankruptcy provides debt relief for individuals and businesses and Lee Legal can help clients throughout Washington D.C., Virginia and Maryland to get their financial fresh start. Call an experienced bankruptcy lawyer today to learn more about how an attorney can help you.
Washington DC Bankruptcy: A Solution for Consumers and Businesses
The bankruptcy law protects debtors by allowing individuals and businesses to discharge debts that they cannot pay. There are two primary chapters of bankruptcy protection that consumers can take advantage of:
• Chapter 7 bankruptcy: Debtors who pass a means test or have low income can file a Chapter 7. After the sale of a limited number of assets that the bankruptcy code doesn’t protect, your creditors will be partially paid back and remaining balances on eligible debts will be discharged.
• Chapter 13 bankruptcy: Most debtors can file a Chapter 13, even if they have higher incomes or lots of debt. Chapter 13 requires partial repayments to creditors as part of a repayment plan the creditors approve, which lasts three to five years. You keep all your assets and the balance of your debts is discharged.
With both Chapter 7 and Chapter 13, you can usually keep your house, your car, your retirement accounts, your tools needed to do business and even most of your personal assets. You can also stop all of the negative reporting on your credit report every month when your bills go unpaid or are paid late. This gives you the chance to start rebuilding your credit so you can one day get a car loan, a credit card and a mortgage if you want one.
Businesses have both Chapter 7 and Chapter 11 bankruptcy protection available. In a Chapter 7 bankruptcy, the business is making the public declaration that the business is closing permanently, and that all debts will be paid by the Chapter 7 trustee through the asset-liquidation process. Chapter 11 bankruptcy, on the other hand, allows the business to continue operations in an attempt to return the business to profitability. Chapter 11 bankruptcy is also available to individuals with business or consumer debt and who otherwise do not qualify for Chapter 7 or Chapter 13.
A Washington DC Bankruptcy Lawyer Can Help
If you are struggling with debt and live in Washington, D.C., Maryland or Virginia, Lee Legal can help with your bankruptcy case. Lee Legal can:
• Advise you on the right chapter of personal or business bankruptcy
• Determine which of your debts can be discharged and what assets you can keep
• Complete the extensive amount of bankruptcy forms and paperwork required
• File bankruptcy to stop foreclosure, repossession or wage garnishment
• Attend meetings of creditors and deal with the creditors, bankruptcy court and trustee on your behalf
• Assist in exploring all your options for debt relief
From the moment Brian Lee takes your case, the goal is to provide you with the financial help you need at a cost you can afford. At Lee Legal, you will be represented by a Washington, D.C. bankruptcy lawyer who understands that bankruptcy is a stressful time in your life and who can help make the process go as smoothly and easily as possible so you can free yourself of your bad debts and get a fresh start on building your financial future. Call today and schedule a consultation with Lee Legal, serving clients through Washington D.C., Maryland and Virginia.