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

I read this book (borrowed through the library) not because of financial difficulties, but because I wanted to brush up on some technicalities of bankruptcy. In the past I've had clients take bankruptcy and I've had to deal with the bankrutpcy proceedings. Although I do not currently do this sort of work I expect to enter another profession in the future where knowledge of the bankruptcy law and the individual states exemptions will make my job much easier. This book is an excellent overview of the bankrupcty law and I highly recommend it to anybody who is considering taking bankruptcy or deals with bankruptcy either directly or indirectly in their job.

There are eleven chapters that cover Chapter 7 and 13 bankruptcies. A bankruptcy is either liquidation (7) or reorganization (11,12,13). They can last from a few months (7) to several years (11). Chapter 12 pertains to a large debt due to a family farm. The questions and answers are categorized for Chapter 7 and 13, like the trustee and going to court. The meeting of creditors takes place 20-40 days after you file. My meeting took place a few weeks ago. This is a meeting you must attend and have no input into the date and time it takes place. Filing the papers costs $209 in California. Once they have been filed all creditors must cease to contact you, utilities will not be disconnected if they were going to be, an eviction will be stopped, foreclosures and judgments get an automatic stay. It is mentioned that in some states loss of driver's license happens because of a liability for damages stemming from an automobile accident. The automatic stay will stop this from occurring as well. If you are dependent on the vehicle for family support filing bankruptcy might be the reason to keep your license. Filing bankruptcy does not stop the enforcement of child support or alimony. The book goes into this topic in various chapters. Federal, Local and State taxes are not discharged through Chapter 7. Student loans are not covered either, although if you can prove hardship a portion might get discharged. There is a checklist in a box format that covers each chapter. The back cover has a listing of questions referencing which chapter is covering that topic. There are some cartoon sketches in black and white that take reduce the stress level of this process. The index breaks down all the topics. It is also recommended that your maiden and married names be cited in your papers. The section with questions about how the bankruptcy affects your personal life discuss employment and living. This should not impact your job and there is no reason why they would know about it, unless your wages were being garnished. This will be listed on your credit report and you will need to be diligent to make sure the creditors report this accurately. Filing for bankruptcy has nothing to do with jail, you did not break the law or lose your right to vote. Bankruptcy: Is it the right solution to your debt problems will help you learn the schedules, how to pick your exemptions and decide if you are using a paralegal, lawyer or doing the forms yourself. This is a great guide to show you all the necessary documents needed to prepare with examples. The author is a consumer debt expert. At the end of each chapter is a box to remind you that it is time to fill out the questions in the checklist. Businesses cannot file for Chapter 13 bankruptcy. There is also some information for newly married spouses to determine if both should be named in the bankruptcy.

This is really a must have. I handled my own chapter 13, start to finish with this one. Even handled the emergency filing to get mean ole nasty pasty creditors that were harassing me intentionally off my case. I was even able to file a complaint with them thru the bankruptcy courts. This book references this, and I called the clerks office, and checked out web sites, and this book gave me the confidence, to file a complaint against these creditors. The interderagatorys are fanstasic. THese really helped me out, at my creditors meetings. I was able to even able to pursue a wage garnishment out of my soon to b X's pay check. This was the only way I was going to keep my stuff. I really enjoyed I must say representing my self. It is really not that hard, and more of u folks out there need to try it. They really don't chew ya up and spit ya out like everyone believes. It was not that stress ful, after everything was filed. Actually, It was nice to bask in the quiteness of the emeregency filing. My phone quit ringing. It was soooo nice. This one belongs rite up there with my bible. It was a thrill I must say to stand in line to file my paper work, schedules, and yes, I even filed a motion.! It was great standing there next to some of my towns high power bankruptcy attorneys. ONly thing, I have to say, when attorneys, start offering free advise, have a pen ready to write. I also learned be nice as pie to the clerks. They are so busy, and swamped with work. U will be glad you had patience. Patience is a virtue on this one as far as filings go. THe creditors meetings went well, I even drafted my own propsals of what I wanted, to happend. I even learned how to contest the amount of my truck, and did so, and requested the interest rate be dropped. I got just what I wanted. It actually was not as a terrible as we are taught in society to think. Oh my she/he file bankruptcy. It was not that bad, and also the bankruptcy court I went to, had a class on how to balance your budget, and it was very informational. Dom't feel bad if you have to do this someday. It happens to the bestest of us. IF you do this is definitely the book you wanna seek. I have compared up to some of the competetions, and I felt this one was the easy one to use. Plainest english. Simplest terms. I didnot feel intimidated at all by this book. This book covered all the bases, and then some. Others books I feel were not as complete as this one was. I researched books and sat down and looked thru them at my local book store. THis one won hands down. I must say, it is flexible, easy to tote with you, easy to put in babys bag, and easy to tote on bike with grocerys, and easy to clean up. I spilled coffee on mine... wipes up great. Later, Betty Hogges. :)