Trying to decide whether or not to file for bankruptcy? This book from consumer-debt expert Robin Leonard addresses questions and concerns that may be keeping you up into the wee hours of night, including: Will I wipe out all of my debts? Will I lose my house? Will I lose my apartment? Can I keep my car and other property? Can I keep my credit cards? Will I lose my job? Will I lose custody of my children? Will I go to jail? Will someone from the bankruptcy court visit my home or business? Can I move? Can I change jobs? Can I get divorced? Will my friends and neighbors find out? Is it hard to file? Will I be able to get credit in the future? Will I be able to rent an apartment in the future? Is bankruptcy even necessary? With these compassionate answers in hand, you'll be able to make the best decisions for your financial future. The 2nd edition is completely revised to reflect the latest bankruptcy rules, including changes in your state's exemption laws that let you protect your property.

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Jonathan and Hilda are married with two young children. Hilda is a stay-at-home mother. They had always managed their money wisely until disaster struck: Jonathan's employer, a large corporation, merged with its competitor, and Jonathan was downsized out of a job. He was out of work for several months, during which time he and Hilda relied heavily on their credit cards. He found a job with a small start-up company for less pay and with fewer benefits than his prior job. Jonathan and Hilda tried hard to catch up on their bills but couldn't and, in fact, got much further behind. After a year, Jonathan was out of work again when the company went belly up. He found work again fairly quickly, but during the six weeks he was unemployed he and Hilda again charged necessities on their credit cards. With interest charges mounting, Jonathan and Hilda now owe over $30,000 on five credit cards. Long-time friends David and Charlotte first dreamed of opening a business together when they met in their graphic arts class in college. Two years ago, their dream came true when they started Dalotte Designs. They borrowed money from friends and relatives and took cash advances on their credit cards to purchase the equipment and inventory they needed to get started. Business was good for a while, but their dream turned into a nightmare when their primary client, the local university, decided to do all its design work in-house. Although David and Charlotte found new clients, none provided them with enough work to keep their business going. While Charlotte's relatives forgave her the debts she owed them and even gave her money to pay off her other debts, David wasn't so lucky. He owes friends, relatives, credit card companies, and half of the business's creditors over $25,000. When Carly divorced, she agreed to take less than 50% of the marital property in exchange for her husband, Miles, agreeing to pay most of the marital debts. Miles has since defaulted on the accounts, and the creditors are pursuing her. Carly has kept them away for several months, but a few are threatening to sue her and garnish her wages. Her credit is damaged, and the account balances keep rising because of finance charges and late fees. In total, the creditors and collection agencies claim she owes $17,000 because of Miles's defaults. Larry owes doctors and hospitals $82,000 for the unsuccessful experimental treatment his now-deceased wife received while battling a rare illness. Neither Larry's nor his wife's health insurance would cover the procedure. Larry has tried mightily to negotiate the amount down to something he can afford, but the collection agencies now trying to collect the debts won't budge. In fact, they are making life miserable for Larry and his eight-year-old daughter. Even if your situation isn't identical to Jonathan and Hilda's, David's, Carly's, or Larry's, you probably can see some similarities between their stories and your own. You have more debt than you can handle. Your debt mushroomed because of circumstances beyond your control -- job loss, divorce, business failure, illness, accident, death, or unreasonable creditors. You feel overwhelmed and are considering your options. Maybe a friend, relative, or even a lawyer suggested bankruptcy, describing it as the best thing in the world for you. Someone else may have said the opposite -- that bankruptcy is a huge mistake and will ruin your life. Right now, you're filled with emotional turmoil -- confusion, fear, guilt, and anguish. You don't know what bankruptcy is, whether or not it can help you, or what it would mean for your future. Relax. You're not alone.

 

1. What Is Bankruptcy? 2. Who Can File for Bankruptcy? 3. Will I Wipe Out My Debts? 4. Will I Lose My House or Apartment? 5. Can I Keep My Car and Other Property? 6. Can I Keep My Credit Cards? 7. Will I Lose My Job, Children, Freedom or Self-Respect? 8. Is It Too Hard to File? 9. Will I Be Able to Get Credit in the Future? 10. Can Some Alternative Outside of Bankruptcy Do the Trick? 11. Possible New Bankruptcy Laws Appendix A: Checklist Appendix B: State and Federal Exemption Tables

Attorney Robin Leonard has been featured as a money and credit advisor on Good Morning America and CNN, and in publications across the country, including Kiplinger’s Personal Finance Magazine, U.S. News & World Report, Money, Forbes and the Los Angeles Times. She is the author of many Nolo books including Money Troubles: Legal Strategies to Cope with Your Debts, Credit Repair, Take Control of Your Student Loan Debt, and Bankruptcy: Is It the Right Solution to Your Debt Problems? and co-author of How to File for Chapter 7 Bankruptcy and A Legal Guide for Lesbian and Gay Couples.

 

Bankruptcy by Robin Leonard
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