How to File for Chapter 7 Bankruptcy

by Stephen with Albin Renauer and Robin Leonard ELIAS

Bankruptcy laws are changing! If you're going to file, do it now. Around the beginning of October 2005, a radical change in the bankruptcy laws will take effect, making Chapter 7 bankruptcy available to far fewer people. If you are pinned beneath an unmanageable debt burden, you should consider filing for bankruptcy now. Turn to How to File for Chapter 7 Bankruptcy to get the plain-English legal information, practical advice and bankruptcy forms you need -- and avoid expensive attorney fees. It will guide you through each step of the process, showing you how stop harassment by creditors and agencies prevent wage garnishments and attachments decide if bankruptcy is the right step to take fill out and file all forms cancel the largest amount of debt possible identify which debts will remain after bankruptcy keep the maximum amount of property remove liens on property figure out if you can keep your home deal with secured debts represent yourself in routine court hearings dismiss your case if you change your mind start rebuilding your credit after bankruptcy The 12th edition is updated with the latest statutes and cases affecting Chapter 7 bankruptcy in all 50 states, plus new forms that help protect your identity. Please This book does not cover business bankruptcies, farm reorganizations or individual repayment plans (Chapter 13). For Chapter 13 bankruptcy, see Nolo's Chapter 13 Repay Your Debts. List of Forms Personal Property Checklist What Property Can You Keep in Chapter 7 Bankruptcy? Letter to Bankruptcy Court Form 1 -- Voluntary Petition Form 21, Statement of Social Security Number(s) Form 16A, Caption (Full) Exhibit "C" to Voluntary Petition Form 6, Schedule A -- Real Property Form 6, Schedule B -- Personal Property Form 6, Schedule C -- Property Claimed as Exempt Form 6, Schedule D -- Creditors Holding Secured Claims Form 6, Schedule E -- Creditors Holding Unsecured Priority Claims Form 6, Schedule F -- Creditors Holding Unsecured Nonpriority Claims Form 6, Schedule G -- Executory Contracts and Unexpired Leases Form 6, Schedule H -- Codebtors Form 6, Schedule I -- Current Income of Individual Debtor(s) Form 6, Schedule J -- Current Expenditures of Individual Debtor(s) Form 6, Summary of Schedules Form 6, Declaration Concerning Debtor's Schedules Form 7 -- Statement of Financial Affairs Form 8 -- Chapter 7 Individual Debtor's Statement of Intention Mailing Matrix Form 3 -- Application to Pay Filing Fee in Installments Notice to Creditor of Filing for Bankruptcy Form 20A -- Notice of Motion or Objection Amendment Cover Sheet Notice of Change of Address Supplemental Schedule for Property Acquired After Bankruptcy Discharge Daily Expenses Pleading Paper Proof of Service by Mail

Genres: Business, Law

352 pages, Paperback

First published November 1, 1989

Reviews

[Rama Rao · Rating 4 out of 5]

A do-it-yourself guide for filing Chapter 7 Bankruptcy

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.

[Ursula S · Rating 3 out of 5]

This is a very useful book for those who need it. Thanks to the new Bankruptcy laws, it is twice as long as it was a few years ago.

I used it for a class on Bankruptcy. It does give you step by step instructions that will help you file your paperwork. It is a "buy if you need it" book.

[Caramella · Rating 5 out of 5]

Very informative, A must for anyone who is considering filing bankruptcy or has filed.