Bankruptcy

5 Comments to “How to File for Chapter 7 Bankruptcy”

1. 

   Anonymous

   1:13 am on May 21, 2010

   This book has been my light at the end of the tunnel. It took me approximately 4 wks. to research the book and understand it so I didn’t make any mistakes in filing inaccurate information but once I did the paperwork (all through the mail) it only took 1 wk. before the creditors meeting was set for 3 wks. later and the entire chapter 7 should be done within about 3 months. I was the only one present at my meeting without an attorney but my meeting as well as the 15 people before me only took 5 minutes each in front of the trustee. None of the creditors in any of the cases showed up except Sears in other cases but they just noted the information for their records. This is possible to do by yourself and for approximately $175.00 administrative and filing fees. No other costs have been incurred and I am on my way to a new start. Thank you so much!
   Rating: 5 / 5
2. 

   Joomi Lee

   1:51 am on May 21, 2010

   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.
   Rating: 4 / 5
3. 

   Anne

   4:42 am on May 21, 2010

   I can’t say enough wonderful things about this book!

   6 months ago I was contemplating bankruptcy. I searched for a book to help me and decided to buy this one. Honestly, I figured I’d read it, be more confused than ever and have to hire an attorney.

   That’s NOT what happened. I took a weekend and studied every page of this book and took notes. I filled out and filed my bankruptcy petition on my own. Today, I attended my creditor’s meeting. Now, in just 2 months, I’ll receive my discharge. All WITHOUT a lawyer!

   Filing bankruptcy without a lawyer is more time consuming, but the money saved is worth it. Just take your time and study this book and you’ll be fine.

   Thank you, Nolo. Buying this book was the best thing I’ve done this year.
   Rating: 5 / 5
4. 

   D. Short

   6:29 am on May 21, 2010

   I recently filed for bankruptcy using the book How to File a Chapter 7 Bankruptcy. It told me where to file, what schedules to file, how to fill them out,what fees I would have to pay. By doing this, I saved myself over a $1000 that a lawyer quoted me if he were going to do it for me. Though meticulous and a bit detailed,the book is not hard to read. So, if you too want to file your bankruptcy yourself and save yourself a $1000, buy this book! I filed, paid my fees, attended the 5 minute bankruptcy hearing myself–all without any problem. It was a breeze!

   D.S.

   Chicago
   Rating: 5 / 5
5. 

   Colorgirl

   7:07 am on May 21, 2010

   Having never gone through bankruptcy, I was interested to learn about it as I have a few friends who are facing this situation. This review is from a lay person’s perspective.

   HOW TO FILE FOR CHAPTER 7 BANKRUPTCY is a large workbook sized book of 542 pages. Within these pages are not only well laid out explanations of all of the intricate ins and outs of Chapter 7 Bankruptcy, but lots of hints and tips put in key places throughout the book, as if a teacher were sitting next to you anticipating your questions or things that you might or might not think about while you embark on this complicated journey.

   Here is the chapter breakdown

   1. SHOULD YOU FILE FOR CHAPTER 7 BANKRUPTCY?
   
   This section explains and overview of bankruptcy in America, who can file, what is involved, does it make sense, and alternatives.

   2. THE AUTOMATIC STAY
   
   This chapter talks about actions prohibited by the stay, when the stay does not apply and evictions.

   3. YOUR PROPERTY AND BANKRUPTCY
   
   Property in your bankruptcy estate, what is and is not in your bankruptcy estate and what you can keep. Also it covers selling nonexempt property before you file.

   4. YOUR HOUSE
   
   How bankruptcy affects a typical homeowner, what if you are behind on mortgage payments, will you lose your home? and ways to prevent home loss.

   5. SECURED DEBTS
   
   What they are, how Chapter 7 affects secured debts, choosing the best options on ways to deal with secured debt and step by step instructions.

   6. COMPLETE AND FILE YOUR BANKRUPTCY PAPERWORK
   
   Gathering necessary documents, getting info from the court, married filers information, required forms and documents, Forms 1,6,7,8,21,22A,201, mailing matrix, how to file your papers, and what happens after you file

   7. HANDLING YOUR CASE IN COURT
   
   Routine bankruptcy procedures, amending your bankruptcy papers, filing change of address, and special problems

   8. LIFE AFTER BANKRUPTCY
   
   Newly acquired or discovered property, newly discovered creditors, post-bankruptcy attempts to collect debts, attempts to collect clearly discharged debts, attempts to revoke your discharge, postbankruptcy discrimination, rebuilding credit.

   9. WHICH DEBTS ARE DISCHARGED
   
   Debts that will be discharged and disputes over dischargeability

   10. HELP BEYOND THE BOOK
   
   Debt relief agencies, bankruptcy petition preparers, bankruptcy lawyers and legal research.

   GLOSSARY
   
   APPENDIXES
   
   A State & Federal Exemption charts
   
   Doubling
   
   Residency requirements for claiming state exemptions
   
   New exemptions for retirement accounts
   
   Individual state and federal exemption charts

   B Worksheets and Charts
   
   C Tear Out Forms

   I have taken the time to list out what is in this book because I feel that if you are not sure if this book will work for you or not, it helps to know a general feel for what is covered in the book.

   I find this book to be well laid out, easy to read and very comprehensive. There is a lot of encouragement and careful outlining and illustration in the book to help understand what specifically is expected in every area of Chapter 7 bankruptcy.

   I was pleasantly surprised at how interesting this book made bankruptcy to read about, as it is a topic that has the potential to be very intense and bog down the average reader.

   This book also lays out many pointers that I found interesting and useful on how to AVOID this type of situation if you are not there yet, and other things to look into before things get that bad.

   For instance, one tip I found interesting is that you are required in most cases to attend a debt relief counseling session, but you are not required to do what they tell you to do. You just need proof that you went.

   Anyway, this book seems like an excellent companion to anyone going through or looking to avoid Chapter 7 bankruptcy. It makes the process seem a lot less scary and overwhelming. Although I am not a lawyer so I do not know if there are any serious holes in this book, I did find it to be very helpful nonetheless.

   I really enjoyed reading through this book.
   Rating: 5 / 5