The Complete Bankruptcy Guide for Consumers and Small Businesses: Everything You Need to Know Explained So You Can Understand It

Overview

According to the US Courts Bankruptcy Statistics Web site, more than 801,000 bankruptcies were filed with U.S. courts in 2007, with almost 97 percent of those being personal, non-business filings. The volume of those who face the stress that coincides with bankruptcy filing continues to grow and it can be hard to discern between the six different forms of common bankruptcy and how each might affect you or your business. This book was written with the goal of providing a complete handbook to understanding the ...

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The Complete Bankruptcy Guide for Consumers and Small Businesses: Everything You Need to Know Explained So You Can Understand It

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Overview

According to the US Courts Bankruptcy Statistics Web site, more than 801,000 bankruptcies were filed with U.S. courts in 2007, with almost 97 percent of those being personal, non-business filings. The volume of those who face the stress that coincides with bankruptcy filing continues to grow and it can be hard to discern between the six different forms of common bankruptcy and how each might affect you or your business. This book was written with the goal of providing a complete handbook to understanding the complex bankruptcy laws of the United States in an easy-to-read format that will allow you to move forward in your life, either through the bankruptcy process or through viable financial alternatives that help you to avoid filing.

Before you even approach the bankruptcy process, you will learn if there is anything left you can do to salvage your finances. You will learn how to manage existing debt in avoidance of bankruptcy and how to handle debt collectors, and also acknowledging which of the debts that you hold are the most important. You will learn how to decide when bankruptcy is the best or only option left at your disposal, including what a bankruptcy actually entails, from the first piece of paperwork you sign to the lasting effect it has on your credit. 

You will learn how to deal with the emotional and social implications of bankruptcy and also what aspects of your life will immediately change as a result. The six different kinds of bankruptcies are outlined in full detail with walkthroughs of what each format offers and when you can utilize them to your advantage. Specifically, detailed instructions for liquidating debt with a Chapter 7 bankruptcy and using a Chapter 13 bankruptcy to rebuild your life are given as well in their own chapters. You will learn what it takes to find and utilize a qualified consumer bankruptcy attorney and exactly what to expect throughout the process. 

For businesses that are navigating the complex corridor of bankruptcy filing, information is provided about the specific processes you must follow for your specific kind of business. You will learn how to choose which Chapter to file under and what you must do to protect your personal assets during a business bankruptcy.

Finally, a special section is included to guide you through the harrowing post-bankruptcy process, helping you to rebuild your credit after the process with a timeline of how long you can expect to wait before you start to regain the standing you originally had. You will be given details and tips on how to manage your finances in the future, and interviews taken from bankruptcy experts and individuals with personal experience will help you know exactly what you can expect before, during, and after your bankruptcy. For anyone at the point in their life where they are considering a bankruptcy to solve their financial problems, this guide is a must have tool, providing an easy to read, comprehensive overview of the entire process.

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Product Details

  • ISBN-13: 9781601383105
  • Publisher: Atlantic Publishing Group Inc.
  • Publication date: 4/30/2011
  • Pages: 288
  • Product dimensions: 5.90 (w) x 9.00 (h) x 0.80 (d)

Table of Contents

Foreword 11

Introduction 15

CH 1 Defining Bankruptcy 19

Defining Debt 20

Is Bankruptcy Right for You? 27

Making the Decision to File for Bankruptcy 36

Part 1 Consumer Bankruptcy 39

CH 2 The Right Type of Consumer Bankruptcy 41

Total Discharge in Chapter 7 Bankruptcy 42

Reorganization in Chapter 13 Bankruptcy 46

Making Your Bankruptcy Choice 51

CH 3 The Consumer Bankruptcy Details You Need 59

Credit is a Legal, Binding Agreement 60

Eligibility to File for Bankruptcy 61

How to File Your Case 73

The Automatic Stay 74

CH 4 Your Property During Bankruptcy 79

Did You Just Give Property Away? 81

Property You Are Entitled to Later 83

Marital Property 85

Property that is Not Part of Your Bankruptcy Estate 91

Exemptions 93

What Do You Own? 101

Your Home and Bankruptcy 110

Your Secured Debts 122

CH 5 Completing Consumer Bankruptcy 127

Documents Necessary to File 128

Paperwork Requirements 130

What Happens After You File Chapter 7 138

The Discharge Hearing 151

CH 6 Life After You File for Bankruptcy 155

Property Issues After Bankruptcy 156

Debt Collectors After Bankruptcy Discharge 157

Discrimination After Bankruptcy 169

When You Need Help 171

Part 2 Small Business Bankruptcy 179

CH 7 Small Business Bankruptcy Explained 181

Types of Businesses 182

Types of Bankruptcy 185

Can Your Business Avoid Bankruptcy? 190

Making the Decision to File for Bankruptcy 195

CH 8 Business Assets and Debts 199

Business Debts 200

Business Assets 202

Profit and Loss Within Your Business 204

Perform a Financial Inventory 206

What Will You Lose? 208

210 210

CH 9 Planning for Bankruptcy 211

Hiding Your Assets 213

Time to Take a Paycheck 214

Car Payments 215

Paying Off Loans 217

Taking Supplies from the Business 218

Hire an Attorney 219

Common Myths About Bankruptcy 224

CH 10 Filing Business Bankruptcy 233

Filing for Chapter 7 234

Filing Chapter 11 or Chapter 13 239

Handling Bankruptcy-related Occurrences 253

CH 11 Life After Business Bankruptcy 253

Getting Your Business Back On Track 257

Rebuilding Your Business Credit 259

Conclusions 265

Glossary 269

Bibliography 277

Biography 279

Index 281

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