How to File for Chapter 7 Bankruptcy | 
 enlarge | Authors: Stephen Elias, Albin Renauer, Robin Leonard
Publisher: NOLO
Category: Book
List Price: $29.99
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Avg. Customer Rating:  18 reviews
Sales Rank: 34440
Media: Paperback
Edition: 14
Number Of Items: 1
Pages: 531
Shipping Weight (lbs): 2.6
Dimensions (in): 10.6 x 8 x 1
ISBN: 1413306276
Dewey Decimal Number: 346.73078
EAN: 9781413306279
ASIN: 1413306276
Publication Date: April 30, 2007
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Amazon.com Review
In these times of massive credit card debt and stagnating incomes, filing for bankruptcy has become the only relief for thousands of people. The information in How to File for Bankruptcy is so complete that a person can file virtually on his own, without needing to hire a lawyer. By no means does the book encourage filing for bankruptcy, but it will help anyone in serious financial trouble determine if bankruptcy might be a sensible course to take, and examines what kind is appropriate for different individuals. All of the necessary forms are included, complete with explicit directions. Like all Nolo Press titles, this is a straightforward, no-nonsense book of useful advice and specific guidance, written in clear, easy-to-understand language.
Product Description
This all-in-one book can help you find relief from overwhelming debt! If you have more debt than you can possibly pay off, the bankruptcy system is there to help -- and with How to File for Chapter 7 Bankruptcy, you'll find the clear and user-friendly information, advice and forms you need to get through the entire process. First, the book will help you determine whether you qualify for Chapter 7 --and whether it is the best way to deal with your debts. Then you'll find out how to: stop wage garnishments and attachments fill out and file all the forms cancel as much debt as possible deal with secured debts keep the maximum amount of property keep your home, if possible rebuild credit after bankruptcy The 14th edition is updated and revised to reflect the latest laws and legal forms, plus the line-by-line instructions you need to fill them out. Easy-to-use charts make looking up the laws of your state a snap. Please note: This book does not cover business bankruptcies, farm reorganizations or individual repayment plans (Chapter 13). For Chapter 13 bankruptcy, see Nolo's Chapter 13 Bankruptcy: Repay Your Debts.
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| Customer Reviews: Read 13 more reviews...
 Great July 17, 2007
1 out of 1 found this review helpful
I'm surprised on the great quality. Nice packaging and fast delievery helped allowed me to get right to work. Thank you.
This Could Be The Right Book For you June 29, 2007
If you are considering personal bankruptcy, will satisfy the new means test or have a steady w-2 income you may want to file bankruptcy under Chapters 7 or 13. If you are considering one of the chapters, this is a great book for you. For businesses or individuals with more substantial assets or income, the appropriate Chapter would be Chapter 11. The book that I like on that subject is Chapter 11 Business Reorganizations: For Business Leaders, Accountants And Lawyers
 Very helpful resource April 25, 2007
16 out of 16 found this review helpful
This review refers to the 13th edition of the book, which does cover the new bankruptcy law revision of 2006. Please read the editorial and customer reviews as to why this book was so helpful.
The author does a good job explaining how to file your own bankruptcy "pro se" (which means you are your own attorney and responsible for finding the answers to your own legal questions.)
At the time the 13th edition was printed, the author didn't know if any of the state bankruptcy courts would grant an indigent filer relief from the bankruptcy filing fee. This is because there was a difference between the federal agency that created the exemption document and the agency that says such requests can be granted. Apparently, this difference of opinion has since been resolved. In my state, Washington, the judge did grant me exemption from filing the court fee, a savings of over [...].
My bankruptcy was a pretty straightforward chapter 7, even though I had taken out a business license as a sole proprietor. As I had no clients and no business income, I could go ahead and file as an individual.
The author commends the reader for having taken charge of their financial crisis and having made the difficult decision to file for bankruptcy. It would also have been helpful if he'd included a few helpful tips on emotional and mental preparation. For example, people under stress tend to forget common sense advice like: get enough sleep, exercise, and healthy food. Organize all your financial records in a quiet and neat environment, etc. Write down what you've done and what you need to accomplish. And so forth.
In my case, because I could have been better organized, I ended up paying two times an amendment fee because I forgot to include all creditors on my mailing matrix and other related forms.
(As a side note, many credit card companies own their own credit collections agencies with completely different names. To be on the safe side, list both the original creditor and the "collection agency" that they supposedly "sold" the debt to in your bankruptcy forms. However, when totaling the debt, do not count the same amount twice. On your mailing matrix, include both the original creditor and any collection agencies they have sold their debt to. This will cover your rear end. If you list only the collection agency and not the original creditor, you might be responsible for paying off the debt because the original creditor wasn't listed in your bankruptcy forms.)
Student loans are usually not discharged but you should go ahead and list them anyway so the judge knows your total debt load.
Most filers choose to hire an attorney. I was one of three people who chose to go "pro se" out of over 30 filers. That really surprised me. My meeting with the trustee lasted less than five minutes.
Just because someone goes with an attorney doesn't mean that attorney will be complete and thorough. I witnessed two attorneys who did not properly prepare their clients for potential questions the trustee asked, all of which are described in this book in a special listing. In my case, the trustee did not ask all the questions listed in the book but I was sure glad the author listed them so I could be prepared in case he did choose to ask them. Did those people get their money's worth? I don't know.
The creditor's meeting is when you can tell the trustee if there have been any changes since you first filed for bankruptcy. Since this meeting is recorded now is the time to tell them. In my case, I reported assets I had failed to list (hobby supplies, etc.), assets that had been stolen from my home this month, and a car I no longer owned as it had been auctioned off by a towing company.
The two biggest reasons people file for bankruptcy are medically related and poor credit card usage. Both those reasons fit my profile. (Actually, I was very good at using a credit card as I remember charging them to the limit.) I cut up all my credit cards and now use only my debit card, cash, or checks. I now have a financial budget and feel like a load has been lifted off my shoulders.
The only reason I have for repairing my credit rating is if I choose to buy a house. At this time I don't have any plans for doing so. However, for those who do want to improve their credit score, your best bet is to see if your local credit union or bank will give you a secured credit card, which will only allow you to "charge" amounts that you have placed in a special account tied to the card. It is a combinations debit and credit card. You can only "charge" what is in your secured account but you get the protection and benefits of a credit card.
The new law states that filers must take a pre and post budget class. These cost money in Washington state.
If you choose to go "pro se" but hire a typist to prepare your documents, you are still responsible for all the information contained in the forms.
Beware that your filing is public knowledge. I was surprised at the number of predatory lenders that sent me mail immediately after I filed. There was also one attorney who sent me a solicitation letter. You must shred all these letters for your own good.
Most updated Chapter 7 Bankruptcy book January 5, 2007
3 out of 4 found this review helpful
This is the most recent Chapter 7 Bankruptcy book from NOLO, published May 2006.
Another one will be published April 2007, ISBN 1413306276.
I trust Nolo books with my eye closed, their legal content is totally updated ! ... I am a big Nolo fan!used many of their books!
Check out The New Bankruptcy - Will it Work for You?
Out-of-date, but still good for background material. January 12, 2006
10 out of 11 found this review helpful
Stephen Elias et al., How to File for Chapter 7 Bankruptcy, Twelfth Edition (Nolo Press, 2005)
Well, I missed the boat on this one. I'd hoped the 2005 12th edition would cover the bankruptcy law changes in some detail, but nope-- this one still covers the old laws. If you're thinking about filing for bankruptcy now, you will likely be better off waiting for Elias' new one, he New Bankruptcy: Will It Work for You? (Nolo, 2006).At this point, it really only has value as an archival document, or something you pick up for background reading while waiting for the new book (after all, not everything in bankruptcy law has changed; you'll still get some valuable info out of this).
The book does an excellent job of explaining why, in general, you don't really need a lawyer to file Chapter 7. Elias etc. go through the forms line-by-line, with copious explanation and recommendations of when you will need a lawyer based on your answers to a number of the questions.
Solid stuff, I just with I'd gotten to it earlier. Now, I'm in the same boat you are-- waiting for the new one (which was supposed to drop Dec. 19, 2005, but oesn't seem to have seen the light of day yet). ***
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