Articles Posted in Bankruptcy

Happy New Year from Lee Legal! Right now is the time to take a hard look at your budget. On January 1, all of your personal financial numbers are zero. Your year-to-date income, fixed expenses, and discretionary spending are all zero. Now is the perfect time to make any changes to your budget for the…

If you fall behind on your mortgage, you may find yourself asking: How do I save my home from foreclosure? Whether you want to keep your house or whether you simply want to avoid the damage a foreclosure does to your credit, you should explore alternatives to having a lender foreclose. An experienced Washington DC…

If you are unable to make your house payments based on the current terms of your mortgage loan, you may be facing foreclosure. Foreclosure is not something that you ever want to happen, both because of the loss of your house and because of the damage to your credit. If you do not wish to…

When you get married, your finances become closely intertwined with the finances of your spouse. If you are considering filing for bankruptcy in the Washington DC area, you may wonder: Does my spouse have to file bankruptcy, too? The answer to this question is not a simple one. There are situations when it makes sense…

If you want to file Chapter 7 bankruptcy, you must pass the Chapter 7 bankruptcy means test. Congress designed the Chapter 7 bankruptcy means test to prevent higher income-earners from discharging debts they have income sufficient to pay. The means test affects the chapter of bankruptcy under which you are eligible to file. Discuss your…

What is a 341 hearing? Well, that’s a savvy question. The 341 hearing is otherwise known as the Meeting of Creditors. The Bankruptcy Code requires debtors to attend a Meeting of Creditors shortly after a bankruptcy filing. The bankruptcy trustee assigned to the case conducts the hearing. The meeting takes place in the trustee’s meeting…

The best way to determine if you’ll lose any of your property is to speak with a qualified and experienced attorney. We can advise you as to what your rights are and how the bankruptcy process will go. Lee Legal is totally up front with our clients. We will let you know what property you…

Deciding whether to file for bankruptcy is an important choice. Once you’ve made the decision to get serious help with dealing with your debt, you have another choice to make. You need to decide which chapter of the bankruptcy code to file under. Talk to a qualified and experienced Maryland bankruptcy lawyer. Call Lee Legal…

The lien strip in Chapter 13 bankruptcy can remove a lien guaranteeing a loan against your real property. The lien strip reclassifies the second mortgage or home equity line of credit (“HELOC”) from secured debt to unsecured debt. Lien stripping sometimes allows bankruptcy debtors to keep their homes. Most Chapter 13 lien strips also allow…

Avoiding bankruptcy when you know that it’s the smartest choice can cost you money. In almost every case my clients really did everything they possibly could to avoid bankruptcy. But mistakes are easy to make. Do not do any of the following before consulting an attorney: Any of these can easily turn into a costly…