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How to File for Chapter 7 Bankruptcy
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 and 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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First published November 1, 1989
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February 20, 2014
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.
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.
July 24, 2011
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.
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.
July 25, 2013
Very informative, A must for anyone who is considering filing bankruptcy or has filed.
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