Bankruptcy : Is It the Right Solution to Your Debt Problems?

by Leonard, Robin

• ISBN13: 9780873379731
• ISBN10: 087337973X
• Edition: 2nd
• Format: Paperback
• Copyright: 2004-02-01
• Publisher: Nolo

Summary

Veteran Nolo author and consumer debt expert Robin Leonard explains all of the options available to people with an unmanageable debt burden. Filled with clear-cut answers and practical suggestions, the book reassures readers concerned about: - wiping out all of their debts - losing their house - keeping their car and other property - retaining their credit cards - losing their job - losing custody of their children - going to jail- and much more.Written in plain English, Bankruptcy examines the pros and cons of filing for bankruptcy, discusses its possible repercussions, outlines the differences among various kinds of bankruptcy--Chapters 7, 11, 12 and 13--and proposes several alternatives to filing. Includes sample, completed bankruptcy forms.

Author Biography

Attorney Robin Leonard, an expert on personal finance and credit, is the author or co-author of Money Troubles, Take Control of Your Student Loan Debt, How to File for Chapter 7 Bankruptcy and other Nolo books.

Table of Contents

1. What Is Bankruptcy?
A. Types of Bankruptcies	1/6	(1)
1. Chapter 7 Bankruptcy	1/7	(1)
2. Chapter 13 Bankruptcy	1/9	(1)
3. Reasons to Choose One Type of Bankruptcy Over the Other	1/12	(1)
B. Filing for Bankruptcy Stops Your Creditors	1/14	(1)
1. The Automatic Stay	1/14	(1)
2. Exceptions to the Automatic Stay	1/15	(1)
3. Lifting the Automatic Stay	1/16	(1)
C. The Bankruptcy Trustee	1/17	(1)
1. Chapter 7 Trustee	1/18	(1)
2. Chapter 13 Trustee	1/20	(1)
D. The Meeting of Creditors	1/21	(1)
1. Chapter 7 Meeting of Creditors	1/21	(1)
2. Chapter 13 Meeting of Creditors	1/23	(1)
2. Who Can File for Bankruptcy?
A. Chapter 7 Eligibility Requirements	2/2	(1)
1. You Must Be an Individual (or Married Couple) or Small Business Owner	2/2	(1)
2. You Haven't Had a Previous Bankruptcy Discharge	2/3	(1)
3. You Aren't Barred by a Previous Bankruptcy Dismissal	2/3	(1)
4. You Couldn't Pay Off Your Debts Outside of Chapter 7	2/4	(1)
5. You've Been Honest With Your Creditors	2/4	(1)
B. Chapter 13 Eligibility Requirements	2/5	(1)
1. Businesses Can't File for Chapter 13 Bankruptcy	2/5	(1)
2. You Must Have Stable and Regular Income	2/6	(1)
3. You Must Have Disposable Income	2/6	(1)
4. Your Proposed Payments Must Equal the Value of Your Nonexempt Assets	2/6	(1)
5. All Your Disposable Income Must Be Devoted to the Plan	2/7	(1)
6. Your Plan Must Pay 100% of Certain Debts	2/7	(1)
7. Your Proposed Budget Must Be Reasonable	2/7	(1)
8. Your Debts Must Not Be Too High	2/8	(1)
3. Will I Wipe Out My Debts?
A. Debts You Will Still Owe After Chapter 7 Bankruptcy	3/2	(1)
1. Debts Not Dischargeable Unless an Exception Applies	3/3	(1)
2. Debts Discharged Unless the Creditor Objects	3/9	(1)
B. Debts You Will Still Owe After Chapter 13 Bankruptcy	3/13	(1)
C. Bankruptcy and Joint Debtors	3/13	(1)
1. Cosigners and Guarantors	3/13	(1)
2. Spouse	3/15	(1)
3. Business Partners	3/17	(1)
4. Will I Lose My House or Apartment?
A. Homeowners Filing for Bankruptcy	4/2	(1)
1. If You're Current on Your Mortgage Payments	4/3	(1)
2. If You're Behind on Your Mortgage Payments	4/8	(1)
B. Renters Filing for Bankruptcy	4/12	(1)
5. Can I Keep My Car and Other Property?
A. Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy	5/2	(1)
B. What Property Is Affected by Bankruptcy	5/3	(1)
1. What's in Your Bankruptcy Estate	5/4	(1)
2. What Property You Can Keep	5/6	(1)
C. What Happens to Property That Secures a Debt	5/14	(1)
1. Surrender the Property	5/16	(1)
2. Eliminate Liens in Bankruptcy	/516
3. Redeem the Property	5/17	(1)
4. Reaffirm a Debt	5/18	(1)
5. Keep the Property Without Reaffirming or Redeeming	5/18	(1)
6. Can I Keep My Credit Cards?
A. Your Balance Is Zero	6/2	(1)
B. You Owe Money But Are Current	6/4	(1)
C. You Are in Default	6/6	(1)
D. Your Creditors Claim Fraud	6/6	(1)
7. Will I Lose My Job, Children, Freedom, or Self-Respect?
A. Will I Lose My Job?	7/2	(1)
B. Can I Be Discriminated Against?	7/3	(1)
C. Will I Lose Custody of My Children?	7/4	(1)
D. Will I Lose My Freedom?	7/4	(1)
E. Will I Lose My Self-Respect?	7/6	(1)
8. Is It Too Hard to File?
A. Filling Out the Bankruptcy Forms	8/2	(1)
B. Going to Court in a Chapter 7 Bankruptcy	8/44	(1)
1. Hearing on Relief From Stay	8/44	(1)
2. Dischargeability Hearing	8/45	(1)
3. Dismissal for Substantial Abuse	8/45	(1)
4. Discharge Hearing	8/45	(1)
C. Going to Court in a Chapter 13 Bankruptcy	8/46	(1)
1. Confirmation Hearing	8/46	(1)
2. Valuation Hearing	8/49	(1)
3. Hearing on Relief From Stay	8/49	(1)
4. Discharge Hearing	8/50	(1)
D. Bankruptcy Petition Preparers	8/50	(1)
E. Bankruptcy Lawyers	8/52	(1)
1. What a Lawyer Can Do for You	8/52	(1)
2. How to Find a Bankruptcy Lawyer	8/53	(1)
3. What to Look for in a Lawyer	8/54	(1)
4. What Bankruptcy Attorneys Charge	8/55	(1)
9. Will I Be Able to Get Credit in the Future?
A. Rebuilding Your Credit	9/2	(1)
1. Keep Your Credit File Accurate	9/2	(1)
2. Get Positive Information Into Your Credit File	9/3	(1)
B. Where You May Run Into Problems	9/5	(1)
10. Can Some Alternative Outside of Bankruptcy Do the Trick?
A. Do Nothing	10/2	(1)
B. Negotiate With Your Creditors	10/5	(1)
C. Get Outside Help to Design a Repayment Plan	10/6	(1)
D. File for Chapter 11 Bankruptcy	10/10	(1)
E. File for Chapter 12 Bankruptcy	10/11	(1)
11. Possible New Bankruptcy Laws
A. Bankruptcy May Become More Difficult and Expensive	11/3	(1)
B. New "Means Test" to Qualify for Chapter 7	11/3	(1)
C. Strict Expense Guidelines for Chapter 13	11/5	(1)
D. Longer Chapter 13 Bankruptcies	11/5	(1)
E. Mandatory Credit Counseling	11/5	(1)
F. Less Protection From the Automatic Stay	11/5	(1)
G. More Debts That Can't Be Discharged	11/6	(1)
H. More Time Required Between Bankruptcies	11/7	(1)
I. New Tax Return Requirements	11/7	(1)
J. Homestead Exemption Limit	11/8
Appendix A: Checklist
Appendix B: State and Federal Exemption Tables
Index