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

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.

In the chapters that follow, we explain how to complete the required bankruptcy paperwork, what happens to your debts and property when you file for bankruptcy, how to get help with your bankruptcy, and how to pick up the financial pieces once your bankruptcy is final, among other things. But before you get to these important topics, you need to figure out whether you can -- and should -- file for Chapter 7 bankruptcy in the first place. This chapter will give you an overview of the bankruptcy process and help you decide whether Chapter 7 bankruptcy is right for you. A. Bankruptcy in America: The Big Picture Although you may not care much about the larger bankruptcy picture, understanding it will help you keep your situation in perspective. Knowing that you're not alone should also reassure you if you are feeling isolated or even like a failure. Why People File for Bankruptcy Studies show that the most common reasons for filing for bankruptcy are: job loss, followed by an inability to find work that pays nearly as well medical expenses that aren't reimbursed by insurance or government programs divorce or legal separation, and small business failures. Of course, none of these events would necessarily require bankruptcy if the people who experience them had adequate savings to weather the storm. But, for a number of reasons, most of us lack such savings. In fact, many of us are up to our eyeballs in debt, making ends meet from paycheck to paycheck. And when a recession hits, or jobs leave the country en masse and the pink slips start flowing, many otherwise stalwart citizens find themselves turning to bankruptcy for relief. Let's take a closer look at how we got so financially overextended. Why You Shouldn't Feel Guilty About Filing for Bankruptcy The American economy is based on consumer spending. Roughly two-thirds of the gross national product comes from consumers like us spending our hard-earned dollars on goods and services we deem essential to our lives. If you ever had any doubt about how important consumer spending is to our economy, remember that President George W. Bush wasted no time after the events of September 11, 2001, in urging Americans to spend more. And many other government leaders told us that spending was our patriotic duty. As Americans, we learn almost from birth that it's a good thing to buy all sorts of goods and services. A highly paid army of persuaders surrounds us with thousands of seductive messages each day that all say, "buy, buy, buy." These sophisticated advertising techniques (which often cross the line into manipulation) convince us to buy. And for those of us who can't afford to pay as we go, credit card companies are relentless in offering credit to even the most deeply indebted of us. In fact, billions of credit card solicitations are mailed to U.S. residents each year -- roughly ten solicitations for every man, woman, and child. And, perhaps surprisingly, the largest growth sectors for credit cards are college students and people with bad credit ratings. The college students are targeted because they are customers of the future -- and because their parents can be expected to bail them out if they get carried away with their new purchasing power. And people with bad credit are solicited in large numbers because creditors have discovered that they will pay huge interest rates for debts run up on their cards, which leads to equally huge profits.

 

This all-in-one book can help you find relief from overwhelming debt!

I. Introduction
How to Use This Book
What This Book Doesn't Cover
If You Need More Help
The New Bankruptcy Law: A Work in Progress

1. Should You File for Chapter 7 Bankruptcy?
Bankruptcy in America: The Big Picture
An Overview of Chapter 7 Bankruptcy
Who Can File for Chapter 7?
Does Chapter 7 Bankruptcy Make Economic Sense?
Alternatives to Chapter 7 Bankruptcy

2. The Automatic Stay
Actions Prohibited by the Stay
When the Stay Doesn't Apply
Evictions

3. Your Property and Bankruptcy
Property in Your Bankruptcy Estate
Property That Isn't in Your Bankruptcy Estate
Property You Can Keep
Property Exemption Worksheet
Selling Nonexempt Property Before You File

4. Your House
How Bankruptcy Affects a Typical Homeowner
If You're Behind on Your Mortgage Payments
Will You Lose Your Home?
Ways to Prevent the Loss of Your House

5. Secured Debts
Secured Debts
What Chapter 7 Bankruptcy Does to Secured Debts
Ways to Deal With Secured Debts in Bankruptcy
Choosing the Best Options
Step-by-Step Instructions

6. Complete and File Your Bankruptcy Paperwork
Gather the Necessary Documents
Get Some Information From the Court
For Married Filers
Required Forms and Documents
Form 1 -- Voluntary Petition
Form 6 -- Schedules
Form 7 -- Statement of Financial Affairs
Form 8 -- Chapter 7 Individual Debtor's Statement of Intention
Form 21 -- Statement of Social Security Number
Form 22A -- Statement of Current Monthly Income and Means Test Calculation
Form B201: Notice to Individual Consumer Debtor Under § 342(b) of the Bankruptcy Code
Mailing Matrix
How to File Your PapersAfter You File

7. Handling Your Case in Court
Routine Bankruptcy Procedures
Amending Your Bankruptcy Papers
Filing a Change of Address
Special Problems

8. Life After Bankruptcy
Newly Acquired or Discovered Property
Newly Discovered Creditors
Postbankruptcy 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 in Bankruptcy
Disputes Over Dischargeability

10. Help Beyond the Book
Debt Relief Agencies
Bankruptcy Petition Preparers
Bankruptcy Lawyers
Legal Research

Glossary

Appendixes
1. State and Federal Exemption Tables
2. Worksheets and Charts
3. Tear-Out Forms

Index

"Exceptionally clear."

 

"How to File for Chapter 7 Bankruptcy advises on everything from how to file court papers to how to respond to threats from creditors.... A do-it-yourself bankruptcy book for people who can’t afford expensive lawyers."

 

"Includes clear instructions on when and how to fill out all the necessary forms, which assets you may legally keep, even advice on whether your case is complicated enough to make it worth your while to hire a lawyer."

 

"An in-depth guide to filing under Chapter 7, including state-by-state and federal exemptions as well as forms for do-it-yourself filers."

 

Stephen R. Elias is an attorney and former associate publisher at Nolo, as well as current President of National Bankruptcy Law Project. He is the author of many Nolo books, most recently The New Bankruptcy: Will It Work for You? Other titles include Special Needs Trusts: Protect Your Child's Financial Future, How to File for Chapter 7 Bankruptcy, and Legal Research: How to Find and Understand the Law. He is also one of the original authors/designers of Nolo's bestselling WillMaker software. Steve holds a law degree from Hastings College of Law and was a practicing attorney in California, New York and Vermont before joining Nolo in 1980. He has been featured in such major media as The New York Times, The Wall Street Journal, Newsweek, Good Morning America, 20/20, Money magazine, and more.

 

How to File for Chapter 7 Bankruptcy by Stephen R. Elias
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