WHAT ISBANKRUPTCY?

By Lee Legal

When you experience financial difficulties you may need to regroup

With the proper legal guidance, bankruptcy can be the

RIGHT CHOICE

In this presentation we will look at some basic

facts about bankruptcy

Two Types ofBANKRUPTCY

There are essentially two different types

of bankruptcy

1 LIQUIDATION

2 REORGANIZATION

MOST COMMON FORMS OF

BANKRUPTCY

Chapter 7

Chapter 7Chapter 13

Chapter 7 bankruptcy involves the discharge of your debt

Chapter 13 bankruptcy involves reorganizing your debt

1 Chapter 7 Bankruptcy

Chapter 7 bankruptcy is

appropriate for those who cannot repay their debts

If you file for this type of bankruptcy your debt will be discharged, and you can start afresh

Chapter 7 Benefits

When you file for Chapter 7 bankruptcy

you stop garnishments, lawsuits, and

repossessions

Your unsecured debt will be discharged

This includes credit cards, payday loans, overdrawn bank accounts, and other forms of unsecured debt

As you begin anew free of these

encumbrances you can start to rebuild

your credit

2 Chapter 13 Bankruptcy

Chapter 13 bankruptcy is for people who have enough income to make payments on

their debts

You reorganize your financial responsibilities and emerge with a more manageable

situation

Chapter 13 Benefits

Chapter 13 can put a stop to any

foreclosure efforts that may be underway

Garnishments, legal actions,

and repossessions

will cease

Intrusive collection efforts

will stop

Ultimately, you'll have up to five years to stick to a

plan that gets you back on track

Chapter 11 & Chapter 12

Chapter 11 and Chapter 12 bankruptcies

exist as well

3 Chapter 11 Bankruptcy

Chapter 11 is generally going to

be utilized by businesses for reorganization purposes or by individuals with

multiple real estate assets

4 Chapter 12 Bankruptcy

Chapter 12 allows farmers and fishermen

to reorganize their debts

WHAT’S

BESTFOR YOU?

After viewing this presentation you have some

basic information about bankruptcies

To find out what course of action will be best for you,

schedule a consultation with our firm

LEE LEGAL

We will gain an understanding of your situation, become apprised of your goals,

and make the appropriate recommendations

LEE LEGAL

Bankruptcy Lawyer in Virginia and Washington, DCBankruptcy Lawyer in Virginia and

Washington, DC

www.Lee-Legal.com

(202) 448-5136(703) 879-2870

(202) 448-5136(703) 879-2870