How long does bankruptcy take? That depends on whether you file a Chapter 7, Chapter 13, or Chapter 11. Chapter 7 bankruptcy How long your Chapter 7 bankruptcy will take depends upon whether you have assets to distribute. Most Chapter 7 cases are completed quite quickly. But if you have unexempt assets, your Chapter 7…
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There are three main chapters of bankruptcy for individuals, and all three have different bankruptcy costs and fees. Your total bankruptcy cost includes both court filing fees, which are an administrative requirement, and legal fees, which are paid to your attorney. If you’re having difficulty making ends meet, it’s natural to wonder: Just how much does bankruptcy cost? Chapter 7…
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Megastar veteran rap artist 50 Cent declared Chapter 11 bankruptcy on August 3, 2015. In his bankruptcy schedules, 50 Cent (real name: Curtis James Jackson III) listed assets amounting to $24,823,899.18 and debts totaling $32,509,549.91. The monthly mortgage payment for his $8.25 million mansion is is $17,400, and the value of his vehicles (including a…
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Most consumer debtors have two main bankruptcy chapters under the Bankruptcy Code: Chapter 13 and Chapter 7. There are, however, two other types of bankruptcy: Chapter 11 and Chapter 12. Here are the principal differences between the bankruptcy chapters. Chapter 7: Liquidation Chapter 7, also called straight bankruptcy, allows you to discharge most types of…
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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 Chapter 7 cases, as well. Why file a Proof of Claim? A creditor may be…
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Here is a short glossary of essential bankruptcy terms. Many definitions are not included. Do not attempt to manipulate concepts you do not fully understand. Call an attorney if you have a legal problem. Bankruptcy terms: A – C Adversary Proceeding: A lawsuit related to a bankruptcy case and commenced by filing a complaint with…
Continue reading ›Brian Lee from Lee Legal was an amazing attorney to work with. He took his time, reviewed my documents and we discussed my situation thoroughly. He explained the process and my options as well as gave his recommendation. Not only did he assist, but he ensured that I knew this...
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I've had the pleasure of working alongside Brian V. Lee for several years, and I can say without hesitation that he is one of the most knowledgeable bankruptcy attorneys in the DMV area. Brian's command of Chapter 7, 11, and 13 practice is exceptional, and his clients in the DC...
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