Ch Bankruptcy Cvr 2/8/07 10:18 AM Page Past-due notices, harassing phone calls and court actions can all be stopped, and The Complete Chapter Personal Bankruptcy Guide will show you how It gives you exactly what you need to stop living day-to-day and regain control of your finances once and for all The plain-English instructions it provides will guide you through filing your own bankruptcy and finding that fresh start you deserve Protect your Future Start Building Good Credit Put your financial future back on track by ending garnishments and attachments, and protecting your retirement money Get on the road to financial freedom by raising your credit score, changing bad habits and managing your resources more effectively Cease Collection Agency Harassment Stop Repossessions and Lawsuits Use the bankruptcy law’s automatic stay provision to get creditors off your back Keep your car and other personal property by using exemptions you are entitled to take Quiet Creditor Calls Protect Your Home and Family Stop annoying phone calls and prevent future harassment Save your home from foreclosure or stop an eviction from putting your family out on the street HAVE ALL YOUR DEBTS FORGIVEN TO TRULY START FRESH ® Personal Finance $18.95 U.S ISBN-13: 978-1-57248-594-5 ISBN-10: 1-57248-594-9 w w w S p h i n x L e ga l c o m $24.95 CAN £9.99 UK EAN SPHINX PUBLISHING AN IMPRINT OF SOURCEBOOKS, INC.® NAPERVILLE, ILLINOIS UPC ISBN-13: 978-1-57248-573-0 ISBN-10: 1-57248-573-6 Ask Your Bookseller About This Other Bestselling Title THE Ready-to-Go forms with step-by-step instructions COMPLETE CHAPTER PERSONAL BANKRUPTCY GUIDE YOUR EASY-TO-FOLLOW ACTION PLAN FOR FINANCIAL RECOVERY EVERYTHING You Need to Use the New Bankruptcy Laws to Your Advantage The Complete Chapter Personal Bankruptcy Guide ➤ Exemptions ➤ State-by-State Laws ➤ Alternatives ➤ Checklists ➤ Federal Guidelines ➤ Worksheets HAMAN E D WA R D A ATTORNEY HAMAN AT L AW Ch7 Bnkrptcy FM.qxp 1/31/07 5:12 PM Page i The Complete Chapter Personal Bankruptcy Guide Ch7 Bnkrptcy FM.qxp 1/31/07 5:12 PM Page ii Ch7 Bnkrptcy FM.qxp 1/31/07 5:12 PM Page iii The Complete Chapter Personal Bankruptcy Guide Edward A Haman Attorney at Law SPHINX PUBLISHING ® AN IMPRINT OF SOURCEBOOKS, INC.® NAPERVILLE, ILLINOIS www.SphinxLegal.com Ch7 Bnkrptcy FM.qxp 1/31/07 5:12 PM Page iv Copyright © 2007 by Edward A Haman Cover and internal design © 2007 by Sourcebooks, Inc.® All rights reserved No part of this book may be reproduced in any form or by any electronic or mechanical means including information storage and retrieval systems—except in the case of brief quotations embodied in critical articles or reviews—without permission in writing from its publisher, Sourcebooks, Inc Purchasers of the book are granted license to use the forms contained herein for their own personal use No claim of copyright is made to any government form reproduced herein All brand names and product names used in this book are trademarks, registered trademarks, or trade names of their respective holders Sourcebooks and the colophon are registered trademarks of Sourcebooks, Inc First Edition: 2007 Published by: Sphinx® Publishing, An Imprint of Sourcebooks, Inc.® Naperville Office P.O Box 4410 Naperville, Illinois 60567-4410 630-961-3900 Fax: 630-961-2168 www.sourcebooks.com www.SphinxLegal.com This publication is designed to provide accurate and authoritative information in regard to the subject matter covered It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service If legal advice or other expert assistance is required, the services of a competent professional person should be sought From a Declaration of Principles Jointly Adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations This product is not a substitute for legal advice Disclaimer required by Texas statutes Library of Congress Cataloging-in-Publication Data Haman, Edward A The complete Chapter personal bankruptcy guide / by Edward A Haman -1st ed p cm Includes index ISBN-13: 978-1-57248-717-8 ISBN-10: 1-57248-717-8 Bankruptcy United States Popular works I Title KF1524.6.H35 2007 346.7307'8 dc22 2007000856 Printed and bound in the United States of America SB — 10 1/31/07 5:12 PM Page v Contents chapter Ch7 Bnkrptcy FM.qxp Using Self-Help Law Books ix Introduction xiii Section 1: Bankruptcy and the Legal System History and General Information The Legal System Bankruptcy Law and Procedure Section 2: Lawyers 13 Needing a Lawyer Selecting a Lawyer Working with a Lawyer Firing Your Lawyer Section 3: Avoiding Bankruptcy 21 The Effects of Bankruptcy Income and Expenses Worksheet Property Worksheet Ch7 Bnkrptcy FM.qxp 1/31/07 5:12 PM Page vi the complete chapter personal bankruptcy guide vi Debt Assessment General Guidelines Alternatives to Bankruptcy Section 4: Preparing for Bankruptcy 43 Basic Legal Requirements Arranging Your Finances Section 5: Gathering Information 49 Income Expenses Property Debts Legal Research Section 6: Forms and Procedures 57 Qualifying for Chapter Bankruptcy Understanding Legal Forms Voluntary Petition Application to Pay Filing Fee in Installments Application for Waiver of the Chapter Filing Fee Schedule A—Real Property Schedule B—Personal Property Schedule C—Property Claimed as Exempt Schedule D—Creditors Holding Secured Claims Schedule E—Creditors Holding Unsecured Priority Claims Schedule F—Creditors Holding Unsecured Nonpriority Claims Schedule G—Executory Contracts and Unexpired Leases Schedule H—Codebtors Schedule I—Current Income of Individual Debtor(s) Schedule J—Current Expenditures of Individual Debtor(s) Summary of Schedules Declaration Concerning Debtor’s Schedules Statement of Financial Affairs Chapter Individual Debtor’s Statement of Intention Chapter Statement of Current Monthly Income and MeansTest Calculation Debtor’s Certification of Completion of Instructional Course Concerning Personal Financial Management Ch7 Bnkrptcy FM.qxp 1/31/07 5:12 PM Page vii contents vii Master Address Lists and Mailing Matrix Filing with the Court Clerk and Notifying Creditors Creditors’ Meeting Court Hearing and Discharge Section 7: Special Circumstances 97 Amending Your Paperwork Changing from Chapter 13 to Chapter Lien Avoidance Redemption Reaffirming a Debt Lawsuits Pensions and Retirement Plans Section 8: After Your Discharge 103 Handling Your Finances Obtaining Credit Glossary 107 Appendix A: Exemptions (Federal and State) 111 Appendix B: Checklist and Worksheets 169 Appendix C: Blank Forms 175 Index 249 About the Author 255 Ch7 Bnkrptcy FM.qxp 1/31/07 5:12 PM Page viii Ch7 Bnkrptcy FM.qxp 1/31/07 5:12 PM Page ix Using Self-Help Law Books Before using a self-help law book, you should realize the advantages and disadvantages of doing your own legal work and understand the challenges and diligence that this requires The Growing Trend Rest assured that you will not be the first or only person handling your own legal matter For example, in some states, more than 75% of the people in divorces and other cases represent themselves Because of the high cost of legal services, this is a major trend, and many courts are struggling to make it easier for people to represent themselves However, some courts are not happy with people who not use attorneys and refuse to help them in any way For some, the attitude is, “Go to the law library and figure it out for yourself.” We write and publish self-help law books to give people an alternative to the often complicated and confusing legal books found in most law libraries We have made the explanations of the law as simple and easy to understand as possible Of course, unlike an attorney advising an individual client, we cannot cover every conceivable possibility Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 245 form 23 245 UNITED STATES BANKRUPTCY COURT DISTRICT OF In re _ Debtor Case No _ (if known) AMENDMENT COVER SHEET The Debtor hereby files the attached amendment documents, consisting of: [ ] Voluntary Petition [ ] Summary of Schedules [ ] Schedule(s) [ ] Statement of Financial Affairs [ ] Chapter Individual Debtor’s Statement of Intention [ ] Other UNSWORN DECLARATION UNDER PENALTY OF PERJURY I, , and I, , declare under penalty of perjury that the information set forth above, and contained in the attached amendment documents, consisting of _ pages, is true and correct to the best of my (our) information and belief Dated: _ _ Debtor _ Debtor’s Spouse Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 246 This page intentionally blank Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 247 form 24 247 UNITED STATES BANKRUPTCY COURT DISTRICT OF In re _ Debtor Case No (if known) MOTION TO CONVERT TO CHAPTER The Debtor, having originally filed this action pursuant to Chapter 13 of the U.S Bankruptcy Code, hereby moves this court to convert this action to a proceeding pursuant to Chapter of the U.S Bankruptcy Code In furtherance of this motion the Debtor has attached a Chapter Individual Debtor’s Statement of Intention Dated: _ _ Petitioner _ Petitioner ORDER IN CONSIDERATION of the foregoing motion of the Debtor, IT IS HEREBY ORDERED, that this action is converted to a proceeding pursuant to Chapter of the U.S Bankruptcy Code Dated: _ _ Judge Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 248 Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 249 Index A alimony, 11, 24, 32, 50, 75, 95 Amendment Cover Sheet, 97, 98 annotation, 54 annuities, 29, 52 Application for Waiver of the Chapter Filing Fee, 58, 61, 66 Application to Pay Filing Fee in Installments, 58, 61, 64 appointment, 16 assets, 6, 8, 14, 22, 25, 49, 51, 52, 62, 95 assuming a lease, 85 attorneys, 3, 5, 7, 13, 14, 15, 16, 17, 18, 19, 24, 48, 63, 64, 68, 75, 77, 82, 84, 85, 87, 88, 92, 97, 101, 102 fees, 14, 19, 35, 36, 65 firing, 19 audit, 73 automatic stay, 8, 10, 92 B Bankruptcy Abuse Prevention and Consumer Protection Act, 2, 36, 47, 50, 53 Bankruptcy Code, 3, 8, 12, 26, 35, 43, 55, 57, 60, 61, 85, 86, 87, 88, 93, 98 Bankruptcy Reporter, 54 banks, 24, 26, 27, 28, 33, 46, 50, 51, 52, 104, 105 blue book, 29 boats, 25, 27, 28, 29, 33, 38, 45, 46, 47, 72 Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 250 the complete chapter personal bankruptcy guide bonds, 24, 27, 29, 52, 100 business, 7, 13, 24, 29, 61, 63, 75, 83, 99, 100 C cash, 27, 28, 29, 30, 35, 46, 48, 52, 105 certificates of deposit, 24, 27, 52 Chapter Debtor’s Statement of Intention, 83 Chapter Individual Debtor’s Statement of Intention, 83, 99 Chapter Statement of Current Monthly Income and Means Test Calculation, 58 Chapter Statement of Current Monthly Income and Means-Test Calculation, 85 child support, 7, 11, 24, 32, 95 children, 23, 68 clothing, 9, 26, 29, 30, 40, 45, 52 codebtors, 79 collateral, 74, 77 collectors, 11 community property, 68, 70, 73 consideration, 16, 77 consumer debt, 100 contingent debt, 73 corporation, 13, 82 court, 1, 2, 3, 4, 5, 6, 7, 8, 10, 11, 18, 32, 36, 44, 45, 46, 47, 48, 53, 54, 55, 58, 59, 60, 61, 63, 64, 65, 66, 75, 80, 86, 87, 88, 89, 90, 91, 93, 94, 95, 97, 99, 100, 101, 102 court clerk, 4, 6, 44, 59, 60, 64, 65, 86, 87, 89, 90, 91, 97 250 credit, 2, 7, 9, 10, 16, 22, 25, 32, 33, 35, 36, 37, 38, 41, 44, 47, 48, 51, 52, 53, 62, 64, 72, 75, 76, 77, 103, 104, 105, 106 credit cards, 2, 9, 10, 25, 32, 33, 36, 37, 38, 48, 51, 52, 72, 76, 77, 104, 105 credit counseling, 35, 36, 44, 62, 64 creditors, 2, 6, 7, 8, 11, 15, 21, 22, 31, 34, 35, 36, 37, 38, 39, 40, 41, 44, 45, 47, 48, 58, 62, 69, 70, 72, 75, 76, 77, 79, 80, 82, 83, 84, 85, 87, 90, 92, 93, 94, 95, 98 D debt consolidation, 35 debt counseling, 62, 63 Debt Worksheet, 33, 72 Debtor’s Certification of Completion of Instructional Course Concerning Personal Financial Management, 88, 89 debts, 1, 3, 7, 9, 10, 11, 12, 14, 22, 26, 27, 31, 32, 33, 34, 35, 36, 38, 43, 46, 47, 52, 62, 63, 72, 73, 74, 75, 76, 77, 84, 85, 87, 94, 100, 101, 104 Declaration Concerning Debtor’s Schedules, 81 deductions, 24, 79 disability, 24 dischargeable debts, 8, 11, 12, 14, 32, 33, 34, 43, 44, 45, 47, 58, 94, 95, 103, 105 disposition, disputed debt, 73, 74 Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 251 index districts, 4, 6, 27, 28, 58, 59, 64, 71, 87, 88, 90 dividends, 24, 50 divorce, E emotional effects of bankruptcy, 22 employer, 22, 23, 102 equity, 25, 26, 30, 31, 35, 37 evictions, 7, 22, 63 exempt property, 8, 9, 12, 26, 27, 28, 30, 31, 34, 45, 46, 48, 61, 70, 71, 84, 94, 99, 100, 101, 102 expenses, 2, 11, 23, 24, 25, 34, 36, 37, 38, 40, 44, 49, 50, 51, 74, 80, 85, 87, 88, 92, 103 F farmer, 3, 13 Federal Bankruptcy Exemptions, 27, 28, 30, 31, 70, 71, 99 Federal Nonbankruptcy Exemptions, 27, 70, 71 fee simple, 67, 68 financial effects of bankruptcy, 21, 22 financing statement, 32 foreclosures, 10, 22, 41 forms, 2, 4, 7, 14, 16, 47, 49, 53, 54, 55, 57, 58, 59, 60, 61, 63, 64, 65, 66, 67, 69, 71, 73, 75, 76, 77, 79, 81, 83, 85, 87, 89, 91, 93, 97, 98, 99 fraud, 32, 47, 48, 88 furniture, 9, 26, 29, 30, 38, 45, 52 251 H hearing, 6, 11, 66, 94 home equity, 25, 35, 37 housing, 34, 37, 40, 50 Hurricane Katrina, 89 husband, 68, 70, 73 I In re Horvath, 46 income, 2, 3, 11, 12, 18, 23, 24, 25, 34, 36, 37, 38, 39, 40, 44, 49, 50, 51, 57, 58, 66, 74, 79, 80, 85, 86, 102, 103 year-to-date (YTD), 50 Income and Expenses Worksheet, 23, 34, 36, 51, 103 Individual Retirement Accounts (IRAs), 46 initial consultation, 15, 16 insurance, 9, 25, 26, 29, 37, 50, 51, 52 interest, 6, 24, 36, 50, 52, 55, 67, 68, 72, 78, 105, 106 Internal Revenue Service (IRS), 50, 73, 85, 87 investments, 27, 29, 45 J jewelry, 28, 29, 51, 52 joint bankruptcy, 61, 62, 63, 65, 73, 79, 80, 83 jointly owned property, 64, 65, 66, 68, 69, 70, 73, 76, 77, 78, 79, 80, 81, 82, 86, 89 Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 252 the complete chapter personal bankruptcy guide 252 judges, 5, 6, 7, 11, 13, 14, 15, 44, 45, 47, P 48, 49, 64, 65, 66, 94, 95, 101 judgment, 63, 99 partnership, 13, 63, 82, 83 Patterson v Shumate, 102 pensions, 22, 24, 26, 70, 101, 102 personal property, 46, 69, 72, 83, 100 L practice manuals, 54 landlord, 51, 63, 77, 78 priority claims, 75, 76 lawsuit, 101 Property Worksheet, 25, 26, 27, 28, 69, lawyers See attorney 71 lenders, 9, 10, 32, 33, 41, 59, 72 lien avoidance, 99, 100 life estate, 68 R lifestyle, 34 loans, 9, 10, 11, 22, 24, 25, 31, 32, 33, reaffirmation of a debt, 100, 101 35, 36, 37, 38, 39, 46, 47, 50, 51, 52, real estate, 9, 16, 24, 25, 28, 51, 52, 67, 59, 72, 77, 95, 99, 100, 101, 106 69, 75 real property, 67, 72 receipts, 51 redeeming property, 84, 85 M redemption, 100 Mailing Matrix, 90 rent, 25, 37, 50, 51, 52, 63, 75, 77, 104 market value, 48, 68, 72, 100 reorganization, means test, 43, 57, 58 repayment plan, 2, 64 military, 88 repossessed property, 22, 30, 37 Monthly Budget, 34, 103, 104, 106 retirement, 9, 22, 24, 37, 46, 52, 101, 102 mortgages, 9, 10, 22, 25, 27, 31, 32, 37, rules of evidence, 46, 50, 51, 52, 59, 67, 68, 69, 72, 92 rules of law, 3, Motion to Convert to Chapter 7, 98 rules of procedure, N no-frills services, 14 nondischargeable debts, 10, 32, 46 nonexempt property, 8, 12, 26, 27, 45, 46, 47, 48, 75, 94, 95 S salaries, 75 sales, 48, 51 savings, 14, 24, 37, 52, 103, 105, 106 Schedule A—Real Property, 67, 72 Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 253 index Schedule B—Personal Property, 69, 72 Schedule C—Property Claimed as Exempt, 70, 71, 84, 102 Schedule D—Creditors Holding Secured Claims, 72, 76, 77, 83 Schedule E—Creditors Holding Unsecured Priority Claims, 75 Schedule F—Creditors Holding Unsecured Nonpriority Claims, 76 Schedule G—Executory Contracts and Unexpired Leases, 67, 78, 83 Schedule H—Codebtors, 79 Schedule I—Current Income of Individual Debtor(s), 79 Schedule J—Current Expenditures of Individual Debtor(s), 80, 81 secured debts, 3, 9, 10, 12, 27, 31, 32, 33, 34, 35, 37, 38, 41, 46, 47, 72, 76, 77, 83, 84, 92, 99 self-employment, 24, 50 setoff, 77 Social Security, 24, 26, 61 spouse, 13, 23, 48, 62, 63, 64, 65, 66, 68, 69, 70, 73, 75, 76, 77, 78, 79, 80, 81, 82, 83, 86, 89 Statement of Financial Affairs, 82, 83 statutes, 53, 54, 55 stocks, 13, 24, 27, 29, 50, 52, 82, 100 student loans, 10, 32, 95 Suggestion of Bankruptcy, 101 Summary of Schedules, 67, 80 supplement, 54 T take-home pay, 24 253 taxes, 10, 24, 25, 32, 46, 50, 67, 75, 95 tenant, 63 trustee, 6, 7, 8, 11, 13, 22, 35, 36, 44, 47, 48, 49, 53, 68, 71, 73, 88, 89, 92, 93, 94, 95, 98, 100 U U.S Trustees Program, 44 unemployment, 2, 9, 24, 26, 79 United States Department of Justice, unliquidated debt, 73, 74 unsecured debts, 3, 9, 10, 31, 32, 33, 35, 38, 40, 41, 44, 47, 48, 57, 62, 74, 75, 76, 77 utilities, 37, 40, 50, 51 V vehicles, 7, 9, 22, 26, 28, 32, 33, 34, 37, 45, 46, 47, 51, 52, 59, 72, 74, 76, 77, 84, 92, 105 Voluntary Petition, 11, 61, 62, 63, 64, 65, 75, 81, 87, 93, 97 W wage-earner plan, wages, 12, 75 garnishment, 23 waiver, 58, 61, 62, 66, 89 welfare, 24, 26, 37, 88 wife, 68, 70, 73 workers’ compensation, 9, 26 Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 254 Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 255 About the Author Edward A Haman received his law degree from the University of Toledo College of Law As a student, he served as coordinator of the law school’s Client Counseling Competition team, and as editor of the law school’s legal journal Discovery He also has a Bachelor of Arts degree from Western Michigan University, with a major in communication, and minors in accounting and general business Since graduating from law school, he has practiced law in three states In Hawaii, Mr Haman was engaged in general private practice, initially as a sole practitioner, then with a small law firm emphasizing family law, real estate, and business law This included trial practice, as well as criminal appellate work before the Supreme Court of Hawaii and the U.S Court of Appeals in San Francisco In Michigan, he served as a Circuit Court domestic relations hearing officer After moving to Florida, he spent several years as an attorney for the Florida social services agency, handling a variety of legal matters, including cases involving the abuse and neglect of children, the elderly, and the disabled; public health matters; child support enforcement; welfare fraud; and, the licensing of assisted living facilities, nursing homes, and other health care facilities Mr Haman has also engaged in private practice in the areas of real estate, family law, and probate Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 256 Mr Haman has authored and co-authored numerous self-help law books, including The Complete Bankruptcy Guide, File Your Own Divorce, and How to Write Your Own Living Will In connection with the self-help law books, he has been a guest on numerous radio programs, and has appeared on the Fox News Channel He has also written several articles for The Florida Keystone Series, a legal publication for attorneys Currently residing in Tampa, Florida, Mr Haman continues to write books, and also volunteers as a support group facilitator for the Alzheimer’s Association In his spare time, he enjoys travel, kayaking, snow skiing, hiking, and mountaineering Ch7 Bnkrptcy BM.qxp 1/31/07 5:14 PM Page 257 ® SPHINX PUBLISHING’S NATIONAL TITLES Valid in All 50 States LEGAL SURVIVAL IN BUSINESS The Complete Book of Corporate Forms (2E) The Complete Hiring and Firing Handbook The Complete Limited Liability Company Kit The Complete Partnership Book The Complete Patent Book The Complete Patent Kit The Entrepreneur’s Internet Handbook The Entrepreneur’s Legal Guide Financing Your Small Business Fired, Laid-Off or Forced Out Form Your Own Corporation (5E) The Home-Based Business Kit How to Buy a Franchise Complete Nonprofit Corporation Kit How to Register Your Own Copyright (5E) HR for Small Business Incorporate in Nevada from Any State The Law (In Plain English)® for Restaurants The Law (In Plain English)® for Small Business (2E) The Law (In Plain English)® for Writers Making Music Your Business Minding 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you deserve Protect your Future Start Building Good Credit Put your financial future back on track by ending garnishments and attachments, and protecting your retirement money Get on the road to financial freedom by raising your credit score, changing bad habits and managing your resources more effectively Cease Collection Agency Harassment Stop Repossessions and Lawsuits Use the bankruptcy law’s automatic stay provision to get creditors off your back Keep your car and other personal property by using exemptions you are entitled to take Quiet Creditor Calls Protect Your Home and Family Stop annoying phone calls and prevent future harassment Save your home from foreclosure or stop an eviction from putting your family out on the street HAVE ALL YOUR DEBTS FORGIVEN TO TRULY START FRESH ISBN-13: 978-1-57248-573-0 ISBN-10: 1-57248-573-6 Ask Your Bookseller About This Other Bestselling Title SPHINX PUBLISHING ® AN IMPRINT OF SOURCEBOOKS, INC.® NAPERVILLE, ILLINOIS w w w S p h i n x L e ga l c o m THE Ready-to-Go forms with step-by-step instructions COMPLETE CHAPTER PERSONAL BANKRUPTCY GUIDE YOUR EASY-TO-FOLLOW ACTION PLAN FOR FINANCIAL RECOVERY EVERYTHING You Need to Use the New Bankruptcy Laws to Your Advantage The Complete Chapter Personal Bankruptcy Guide ➤ Exemptions ➤ State-by-State Laws ➤ Alternatives ➤ Checklists ➤ Federal Guidelines ➤ Worksheets HAMAN E D WA R D A ATTORNEY HAMAN AT L AW [...]... Traditional bankruptcy is covered in Chapter 7 of the federal Bankruptcy Code, and is often referred to as a Chapter 7 The payment plan procedure is covered in Chapter 13 of the Bankruptcy Code, and is referred to as a Chapter 13 This book only covers the procedures for a Chapter 7 filing and those procedures are discussed in greater detail in later sections of this book There are other chapters to the Bankruptcy. .. understand who the players are Ch7 Bnkrptcy Body.qxp 1/31/ 07 5:12 PM Page 6 the complete chapter 7 personal bankruptcy guide 6 The judge The judge has the power to determine whether your debts can be discharged (or whether your payment plan can be accepted) In bankruptcy court, the judge is a U.S District Court Judge, who is appointed to his or her position for life by the president Bankruptcy judges... part Ch7 Bnkrptcy Body.qxp 1/31/ 07 5:12 PM Page 3 bankruptcy and the legal system 3 of the bankruptcy law and will be referred to in this book as a bankruptcy Due to the 2005 changes in the bankruptcy law, many more people will be required to use the payment plan procedure than in the past However, the majority of filers are still using Chapter 7 and that is the focus of this book Chapters of Bankruptcy. .. yourself Ch7 Bnkrptcy Body.qxp 1/31/ 07 5:12 PM Page 8 the complete chapter 7 personal bankruptcy guide 8 BANKRUPTCY LAW AND PROCEDURE The next few pages give you a summary of the law and the procedure of bankruptcy The details and how-to file are discussed later, but it is important to get a more general overview of the process first In General The idea of the bankruptcy law is to give you a fresh... predictable than many other areas of the law Rules Our legal system is a system of rules There are basically three types of rules 1 Rules of Law: These provide the basic substance of the law, such as defining a debt and describing what property can be kept after bankruptcy Ch7 Bnkrptcy Body.qxp 1/31/ 07 5:12 PM Page 4 the complete chapter 7 personal bankruptcy guide 4 2 Rules of Procedure: These outline how... experienced bankruptcy lawyer might use to gain a little extra advantage On the other hand, for many people, these legal details either do not apply or their advantage will be offset by having to pay the fee of an experienced bankruptcy attorney Ch7 Bnkrptcy FM.qxp 1/31/ 07 5:12 PM Page xiv the complete chapter 7 personal bankruptcy guide xiv If you are at a high income level, or have extensive and complicated... part of the U.S section 1 Ch7 Bnkrptcy Body.qxp Ch7 Bnkrptcy Body.qxp 1/31/ 07 5:12 PM Page 2 the complete chapter 7 personal bankruptcy guide 2 Constitution Article I, Section 8 of the U.S Constitution gives Congress the power to establish “uniform laws on the subject of bankruptcies throughout the United States.” In 1800, Congress enacted the first bankruptcy laws Today, there exists a comprehensive... to file for bankruptcy if your only goal is to get bill collectors off your back, or to avoid having your property Ch7 Bnkrptcy Body.qxp 1/31/ 07 5:12 PM Page 12 the complete chapter 7 personal bankruptcy guide 12 or wages attached Other state and federal laws may be able to accomplish these goals without filing for bankruptcy Chapter 7 Bankruptcy (Discharge of Debts) As mentioned earlier, there are two... this book, the word “section” is used instead of the word chapter when referring to this book The word chapter is only used when referring to the Bankruptcy Code Sections 1 through 5 of this book explain the legal system, help you decide if bankruptcy is for you, and assist your preparation for filing for bankruptcy Section 6 explains the details of pursuing a case under Chapter 7 of the Bankruptcy. .. with the judge The trustee works for the court, and is a middle-person between you, your creditors, and the court Ch7 Bnkrptcy Body.qxp 1/31/ 07 5:12 PM Page 7 bankruptcy and the legal system 7 The trustee’s office is a division of the United States Department of Justice There is a lot of valuable and essential information on its website at www.usdoj.gov/ust Some of the information you need to complete