Product Description

According to the United States Bankruptcy Courts, the number of bankruptcies filed each year is on the rise. People file bankruptcy for a variety of reasons, such as preventing foreclosure on their homes, preventing repossession of property, loss of employment, or reducing or eliminating debts. The most common types of bankruptcy for which individuals file are Chapter 7 and Chapter 13. Chapter 7 involves the surrender of property to pay debts, while a Chapter 13 bankruptcy allows for the retention of property but requires payments over the next three to five years. This book is divided into three sections: evaluating your need to file for bankruptcy, how to file for bankruptcy, and what to do after you have filed. In the first section, you will be provided with evaluation tools, determine your eligibility, learn how to check your credit report for accuracy, and learn about the different types of bankruptcy for which you can file. In the second section, you will learn about the major changes in bankruptcy law, bankruptcy lawyers, alternatives to filing for bankruptcy, bankruptcy code, collection agencies, exempt property, nondischargeable debts, what bankruptcy can and cannot accomplish, the automatic stay provision, foreclosure, tax levies, bankruptcy fees, the 341 meeting, bankruptcy myths, the initial consultation with your lawyer, and bankruptcy timelines. You will learn the answers to some of the most common questions about bankruptcy, such as: Will creditors stop harassing me? Will my spouse be affected? Who will know about my filing? Will I ever get credit again? What does it cost? The final section will provide a brief overview of what to do after you have gone through the bankruptcy process. We will address the issues of how to get car loans and home loans and how to build credit after bankruptcy. Whether you are filing for bankruptcy for the first time or, unfortunately, you have been through it before, When You Have to File for Bankruptcy will provide insight into the complex and burdensome process.

Product Details

• Amazon Sales Rank: #271038 in Books
• Published on: 2008-07-18
• Original language: English
• Number of items: 1
• Binding: Paperback
• 288 pages

Features

• ISBN13: 9781601382092
• Condition: NEW
• Notes: Brand New from Publisher. No Remainder Mark.
• Click here to view our Condition Guide and Shipping Prices

Customer Reviews

Must Read for anyone CONSIDERING bankruptcy
This book changed my whole perception about the concept of "Bankruptcy." Honestly, before I read it I had a very unflattering opinion and negative bias against individuals and organizations that filed for bankruptcies. But after reading this book I realized I was wrong.

The author of When You Have to File for Bankruptcy does a wonderful job of explaining that bankruptcy is not a dirty word, and that the vast majority of the filings are actually precipitated by catastrophic health issues, job loss, divorce and unforeseen events. Generally speaking, it's not individuals living recklessly beyond their means that account for the majority of filings, it's actually individuals seeking a second chance on the other side of circumstances beyond their control.

Matt Pelc's accessibly-written book was not only informative and interesting but it was also extremely current. For instance, he provides a chart regarding annual bankruptcy filings that includes data for 2007, while a completely different chart on unemployment numbers contains statistics from January 2008. Usually writers dig up dusty factoids and dated data to reinforce their points - but not Pelc.

In the book, Pelc does a superb job listing recent changes to federal bankruptcy laws and how those changes have translated into real-world applications since the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. While his discussion about foreclosures and liens reads like today's newspaper, addressing the current mortgage crisis with stats and facts as recent as March 2008.

Beyond those specifics, Pelc masterfully explains the general types of bankruptcies (e.g. Chapter 7, 13, 11 and 12) as well as defining the critical "means test" that is necessary to determine whether or not you are even eligible to file. I really appreciated his overview of what to look for in an attorney to help you through the process, what questions to ask a lawyer and estimates on how much the entire legal process could cost.

But he doesn't stop there.

Pelc goes further to even include a section about Debtor's Anonymous (p. 222) to help individuals who do get a second chance through bankruptcy to take positive steps toward a debt-free future.

If you are even considering the remote possibility of filing for bankruptcy, do not take another step down that path without reading this book first. I believe that it can help any individual avoid potential frustration, pitfalls and problems that are inherent within the bankruptcy process, while making the best of a suboptimal financial situation.

A good, solid book packed with considerations key to understanding the entire process
Bankruptcy is on the rise and here's a book general-interest libraries will find a good solid lend: a guide explaining how the bankruptcy process works. Part 1 describes what filers need to know to assess long-term goals and bankruptcy results, Part II details what will happen upon filing, and the third part tells how to rebuild credit later. A good, solid book packed with considerations key to understanding the entire process.

Answers questions you may be afraid to ask...
In today's consumer, debt-based economy, more than ever, working Americans are having difficulty managing the turbulent financial atmosphere with its rising gas and utility costs, and foreclosure rates at an all-time high. This book can help to find the correct avenues for those in financial distress. It consistently offers positive encouragement for facing matters and taking steps to rectify one's financial situation. Author Matt Pelc points out that often filing for bankruptcy is the result of a separate stress-inducing, life-changing event, and bankruptcy is not a cause for shame or blame. When you have to file for bankruptcy explains the ins-and-outs, pros and cons, and alternative means of declaring bankruptcy.
Author Pelc, writing with years of experience working for bankruptcy trustee's offices, strongly suggests bankruptcy should not be undertaken without a specialist attorney and his text is in no way a self-filing guide for debtors. His book does help to answer the reader's initial questions and explores in detail the revisions, changes and consequences of the 2005 bankruptcy bill, the BAPCPA (Bankruptcy Abuse Prevention & Consumer Protection Act of 2005).
The text, in clear, concise language, provides a framework for the emotionally difficult process of bankruptcy and guides the reader from the initial decision to file through to the methods to manage finances after discharge.
Successfully staying positive about a difficult situation, When you have to file for bankruptcy will certainly make the process less intimidating for filers. Additional encouragement is provided by the case studies highlighting real world advice from consumers who have experienced the process of bankruptcy and from persons in the bankruptcy profession.