Managing Your Personal Finances During a Recession

How to Manage Personal Finances During a Recession -- LEE LEGAL -- DC VA MD

Economists now agree that the American economy has entered a recession. Since March 2009, America has witnessed history’s longest bull market in which the S&P 500 rose 330 percent. Unfortunately, the party is over. The deadly and highly contagious coronavirus has shut down our economy. Since March 2020, tens of thousands of Americans have died, […]

Getting Out of Debt Improves Judgment, Reduces Anxiety

According to a new study, getting out of debt reduces anxiety and improves cognitive function. You can improve your decision-making ability by getting rid of your debt. The psychological costs of servicing debt Chronic indebtedness afflicts rich and poor nations alike. One in four families in the lowest income quintile in the United States spend […]

The Top 4 Credit Killers and How to Avoid Them

The Top 4 Credit Killers -- LEE LEGAL

You don’t have to have a perfect credit score. Few do. Yet having good credit is important for getting good interest rates on credit cards, mortgages, and vehicle loans. Employers look at credit scores, too, when making hiring decisions. Even if you have a suboptimal credit history, you can boost your credit score by avoiding […]

How to Feed Your Piggy Bank When Your Paycheck is Lean

How to Feed Your Piggy Bank When Your Paycheck is Lean -- LEE LEGAL -- DC VA MD

Do you remember the moment when you ripped open your first paycheck and saw the harsh reality that it’s just not enough money? Learning the difference between gross and net pay, setting up a budget to cover bills, finding ways to curb expenses. All of these are jarring lessons in “adulting.” Just as important is […]

Do You Get Shady Debt Collector Calls? I Get Them All the Time.

Do You Get Shady Debt Collector Calls? I Get Them All the Time.

As a bankruptcy lawyer, I get debt collector calls multiple times a day. When I file a bankruptcy for a client, my number becomes associated with all of that client’s collection accounts. So I get lots of calls verifying representation and validating debts and checking account numbers. Many times, creditors simply want to know our […]

7 Ways to Stop a Foreclosure Sale Fast

7 Ways to Stop a Foreclosure Sale Fast

If you have a foreclosure auction scheduled, then you must act fast. Here are the top seven ways to stop a foreclosure sale fast. Reinstatement. Mortgage reinstatement is your first and best option when facing foreclosure. When you reinstate your mortgage, you pay a lump sum to catch up your missed mortgage payments, late fees […]

Small Business Bankruptcy Just Got Easier

Small Business Bankruptcy Just Got Easier -- LEE LEGAL -- DC VA MD

The Small Business Reorganization Act of 2019 took effect on August 23, 2019. The new law eases requirements for small business bankruptcy in several ways. Now a trustee will be assigned to each case Now a standing trustee will oversee each case, assisting in the reorganization process and monitoring the business’s compliance with the Bankruptcy Code. The […]

Non-Qualified Student Loans Can Be Discharged in Bankruptcy

Non-Qualified Student Loans Can Be Discharged in Bankruptcy -- LEE LEGAL -- DC VA MD

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 the bankruptcy discharge in 11 U.S.C. 523(a)(8). That section of the Bankruptcy Code prevents discharge […]

When Filing a Chapter 13 Bankruptcy, Timing Matters

When Filing a Chapter 13 Bankruptcy, Timing Matters -- LEE LEGAL -- DC VA MD

Timing matters in Chapter 13 bankruptcy. Just as important as knowing whether to file is knowing when to file. Issues surrounding the timing of the filing of a Chapter 13 bankruptcy can cause your case to be dismissed. When you must file quickly You must file your bankruptcy prior to a foreclosure auction or you […]