- Free Consultation: (202) 448-5136 Tap Here To Call Us
Protecting Assets in Bankruptcy in Dc, VA & Md
Most people seeking bankruptcy protection are naturally concerned about their assets. Getting rid of your debt is great, but not necessarily if you lose your home, your car, your tax refunds, bank accounts, or other possessions. Protecting assets in bankruptcy is the main reason to hire a bankruptcy lawyer. Protecting assets in bankruptcy in Washington DC, Virginia and Maryland what we do.
Most of our clients keep all of their assets. Lee Legal maximizes asset protection.
Protecting Assets in Bankruptcy in Washington DC, Virginia and Maryland
To ensure that you do not lose any of your assets during a bankruptcy filing, consider Chapter 13 bankruptcy. A Chapter 13 usually does not require the surrender of any items. Chapter 13 involves the repayment of some portion of your debts over time. At the end of the repayment period, most clients are debt-free. For most people, Chapter 13 does not affect their assets at all.
An experienced attorney can help you to determine if there are solutions such as lien stripping or cram downs that can help you to keep your house and car without paying back 100 percent of your loans.
Protecting Assets Under Chapter 7
Protecting assets in Chapter 7 bankruptcy is more complicated. You may lose some of your personal items and property in Chapter 7 if you do not exempt them properly. Chapter 7 sometimes requires the trustee to seize assets to repay creditors. Many different kinds of assets are usually exempt from the forfeiture. Your bankruptcy lawyer will help you to determine if your assets are exempt or if they will need to be turned over.
Do not transfer valuable assets to friends or relatives to protect them during bankruptcy because the bankruptcy trustee can reverse those transactions. You may not, in other words, impoverish yourself just to avoid paying back creditors.
Bankruptcy Can Get Really Complicated Really Fast
An attorney can help you to determine the impact that a bankruptcy will have on your assets. You risk losing assets if you do no properly protect them in bankruptcy. Call Lee Legal to discuss bankruptcy asset protection in Washington DC, Virginia and Maryland.
They Called. They're Glad They Did.
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...
I was very nervous and scared about going through this process. But Brian was very knowledgeable and helped me through it. I was notified about any and all updates to my case and he was very responsive when I had questions regarding any concerns I had. Although a bit nerve...
Brian provided me with a very detailed analysis about my potential case after our first consultation. He promptly responded to all my complex questions, especially navigating student loans and some tax discussions. He is very professional and experienced at what he does, I would...
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...
Brian has the amazing talent of taking complicated legal matters and distilling them down to seamless, frictionless resolutions. He is a phenomenal problem solver and a trusted advisor.
Brian is both warm and professional. He helped me navigate a financial issue that I had not been looking forward to working on and he made the entire experience non-stressful, receiving a lot of anxiety I had around the matter. He is straight forward and a fantastic problem...
I had the opportunity to work with Brian at a time when I was challenged by a professional setback and forced with the challenge of making some very difficult legal decisions. Additionally, I worked with him again as I was dealing with some financial issues pertaining to my...
Still several years from Public Service Student Loan Forgiveness and saddled with significant student loan payments in proportion to my income, I came to Lee Legal to explore the bankruptcy path. Through his counsel, Brian took the fear out of the process and helped me to...
