How to File for Bankruptcy (7th ed)

How to File for Bankruptcy (7th ed)

How to File for Bankruptcy (7th ed)

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2 thoughts on “How to File for Bankruptcy (7th ed)

  1. 1 of 1 people found the following review helpful
    4.0 out of 5 stars
    Detailed, 1 Jun 2009

    When I first saw this book, I felt overwhelmed with the size, until I saw a special chart at the beginning of the book with 34 most commonly asked questions, and directions to the specific chapters that address each question. For example, if you need help finding a bankruptcy lawyer, the charts tells you to go to Chapter 10. Maybe you just want to know if you would qualify to avoid wasting any time — go to Chapter 1. The chart comes in handy if you prefer to have your questions answered ASAP, and then read the other details later.

    Not only does this book have the legal forms you will need, but it also has several worksheets that will help you get organized, such as a personal property checklist and a homeowner’s worksheet. In the back there is an appendix that lists all the state and federal exemptions that may apply to your situation. If you are unsure about any of the wording, there is an in-depth glossary included.

    There are even little “extras.” For instance, a sample letter telling collection agencies to stop contacting you, as well as a sample notice to creditor of filing for bankruptcy.

    The only downside to this guide is that you can’t tear out the pages with the forms, so photocopying what you need might be a little difficult.

    I think anyone considering filing for bankruptcy should read through this book, not only to decide if you can do it on your own, but also to help find a reliable lawyer, if you decide to use one after all. At least you will know what to expect in the attorney’s office, and you will be able to make more educated decisions.

    Another alternative to Chapter 7 bankruptcy is Chapter 13 Bankruptcy: Keep Your Property & Repay Debts Over Time.

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  2. 4.0 out of 5 stars
    A do-it-yourself guide for filing Chapter 7 Bankruptcy, 16 Dec 2008
    By 
    Rama Rao “Rama” (Annandale, VA, USA) –
    (REAL NAME)
      

    Chapter 7 of the Title 11 of the United States Code is related to liquidation, and Chapter 11 governs the process of reorganization of a debtor in bankruptcy. An individual as well as a business could use this law to file for bankruptcy. Individuals can also file Chapter 11 bankruptcies if the individual’s debt load is too high for a Chapter 13 and technically do not qualify for a Chapter 7. The features of Chapter 7 bankruptcy are that the individual is allowed to keep certain exempt property, but liens such as mortgages and security interests on car loans survive. The value of property claimed as exempt varies from state to state, but other assets are sold by the court appointed trustee to repay creditors. Many unsecured debt are legally discharged but child support, federal income taxes, property taxes, student loans, fines imposed by a court for any crimes committed by the debtor, and spousal support are not covered by the bankruptcy, however all debts and assets must be listed during the filing process. Bankruptcy discharge stays on the individual’s credit report for up to 10 years or even longer in this age of heavy credit info sharing. Credit cards are available after bankruptcy but with less favorable terms. In October 2005, Congress passed a law called Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) to force bankruptcy filers to payback part of the money owed to creditors. Changing personal and social circumstances of individuals have led the judges to interpret the law differently; therefore the meaning of the law in some specific case may be uncertain, hence the reader may find the up-to-date information on Nolo’s website under “update” tab.

    This book is described in 10 chapters and appendices. The first chapter discusses if you need to file bankruptcy under this code. The authors suggest other available options instead of filing for chapter 7 bankruptcy; this is discussed on page 2 – 3 in the form of answers to FAQ. This chapter also reviews the whole process so that the reader has some idea of what to prepare for before filing the papers. There is also a step in the process that requires mandatory credit counseling that helps to determine if your circumsartnces require you to go through the chapter 7 filing process. The second chapter lists the details of actions prohibited by the stay (bankruptcy filing), and also lists actions when the stay doesn’t apply. The stay action does not require a separate court order; filing automatically creates stay. The third chapter describes the property that is included in bankruptcy estate and the ones excluded in the estate; on page 49 the information required to know what property you can keep is provided. It also gives you some idea of what property you could sell prior to filing and the precautionary measures you need to take. Chapter 4 describes the effect of bankruptcy on your mortgage and tips to prevent the loss of your house. If you are not a home owner you mat skip chapters 3 and 4. In Chapter 5 the authors give step-by-strep instructions on dealing with secured debt. The critical section is Chapter 6 where the process of filing for bankruptcy, the paperwork and all the necessary documents needed to complete the process is described; voluntary petition, various schedules, statement of financial affairs, statement of intention, and statement of current monthly income and Means Test calculation. Tips on handling your case is presented in Chapter 7 and the last three chapters are advisory in nature for individuals after filing for bankruptcy. The Appendixes provide details of federal exemption charts and also exemptions charts for each state in the union. The rules are diverse and additional research may be needed to understand the state and local laws. Worksheets and tear-out forms at the end are useful but make sure that these forms have not been modified.

    1. The Alpha Chapter 7 Bankruptcy Kit: Special Book Edition With Removable Forms (The Alpha Non-Lawyer Legal Kits)
    2. How to File for Chapter 7 Bankruptcy
    3. Chapter 7 Bankruptcy Kit: Complete Kit: Electronic Forms & Instructions on Cd-Rom for Windows 95 or Higher
    4. How to File for Chapter 7 Bankruptcy (8th ed)
    5. The Effects of the Changes in Chapter 7 Debtors’ Lien-Avoidance Rights Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Technical Report (RAND))
    6. The New Bankruptcy: Will It Work for You?

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