J.K. Lasser's The New Bankruptcy Law and You [Paperback]

Nathalie Martin (Author), Stewart Paley (Author)

Book Description

Publication Date: October 13, 2005 | Series: J.K. Lassers

A comprehensive guide to the new bankruptcy law--and what it means for you

Sweeping changes to U.S. bankruptcy law--the first major changes to the law in twenty- seven years--are occurring right now. If you're unfamiliar with the new bankruptcy law and how it could affect you, this book will quickly get you up to speed. While J.K. Lasser's The New Bankruptcy Law and You thoroughly covers this latest reform, along with its options and alternatives, it also answers must-know bankruptcy questions, such as: how do you decide whether bankruptcy is the right path to take, and if it is, when should you file? Other topics discussed include:
* The new law versus the old law
* The basics of bankruptcy law that apply to all bankruptcies
* Preparing to file for bankruptcy
* The liquidation option: Chapter 7
* The payment plan option: Chapter 13
* The basics of debtor-creditor law
* Preparing for a bright financial future
* And much more


With over twenty years of experience as bankruptcy attorneys, and a dozen years of experience educating people about money, authors Nathalie Martin and Stewart Paley can help you successfully navigate the world of bankruptcy and show you how to put yourself in a position where you'll never have to think about it again.

Filled with in-depth insights and expert advice, J.K. Lasser's The New Bankruptcy Law and You can help you make more informed financial decisions when dealing with complicated bankruptcy issues.

Editorial Reviews

From the Back Cover

A comprehensive guide to the new bankruptcy law—and what it means for you

Sweeping changes to U.S. bankruptcy law—the first major changes to the law in twenty- seven years—are occurring right now. If you're unfamiliar with the new bankruptcy law and how it could affect you, this book will quickly get you up to speed. While J.K. Lasser's The New Bankruptcy Law and You thoroughly covers this latest reform, along with its options and alternatives, it also answers must-know bankruptcy questions, such as: how do you decide whether bankruptcy is the right path to take, and if it is, when should you file? Other topics discussed include:

• The new law versus the old law
• The basics of bankruptcy law that apply to all bankruptcies
• Preparing to file for bankruptcy
• The liquidation option: Chapter 7
• The payment plan option: Chapter 13
• The basics of debtor-creditor law
• Preparing for a bright financial future
• And much more

With over twenty years of experience as bankruptcy attorneys, and a dozen years of experience educating people about money, authors Nathalie Martin and Stewart Paley can help you successfully navigate the world of bankruptcy and show you how to put yourself in a position where you'll never have to think about it again.

Filled with in-depth insights and expert advice, J.K. Lasser's The New Bankruptcy Law and You can help you make more informed financial decisions when dealing with complicated bankruptcy issues.

About the Author

NATHALIE MARTIN has been a bankruptcy attorney for well over a decade. Currently, she is on the faculty of the University of New Mexico School of Law. Martin has published articles on bankruptcy as well as elder law. She is the author of The Glannon Guide to Bankruptcy: Learning Bankruptcy Through Multiple-Choice Questions and Analysis.

STEWART PALEY has been a bankruptcy attorney for a decade and a partner at the Philadelphia law firm of Klehr, Harrison, Harvey, Branzburg & Elhers LLP. He is currently a Visiting Professor of Law at the University of New Mexico School of Law.

Product Details

• Paperback: 226 pages
• Publisher: Wiley; 1 edition (October 13, 2005)
• Language: English
• ISBN-10: 0471753696
• ISBN-13: 978-0471753698
• Product Dimensions: 6.1 x 9.1 x 0.7 inches
• Shipping Weight: 10.4 ounces (View shipping rates and policies)
• Average Customer Review: 4.3 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #1,114,467 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

2 of 2 people found the following review helpful:

4.0 out of 5 stars Very Good Bankruptcy Primer for Consumers!, February 10, 2009

By 

Joseph C. McDaniel (Phoenix, Arizona) - See all my reviews
(REAL NAME)   

This review is from: J.K. Lasser's The New Bankruptcy Law and You (Paperback)

No book will make a consumer into an av-rated, board certified bankruptcy specialist overnight. Or even over weeks.

That said, this book is a very good introduction to bankruptcy law for consumers. It discusses both Chapter 7 and Chapter 13 in some depth, and it has no obvious deficiencies. It's also a nice quick and easy read, partly because it's fairly short and well-organized.

The New Bankruptcy Law and You also spends a good deal of time comparing and contrasting pre-2005 bankruptcy law to post-2005 bankruptcy law, and I'm not sure whether that's a feature or a flaw. It seems to me that a hypothetical reasonable consumer contemplating a bankruptcy of either common flavor (7 or 13; a Chapter 11 is available to individuals, but it's a post-graduate subject, and uncommon) would have little interest in the law that is no longer available to them.

On the other hand, the use of the compare and contrast with the older law approach does provide a smooth framework for presenting the current version of the law. And since many people filed for bankruptcy prior to 2005, this book does a service to them and those who heard about their experiences by explaining just how much Congress made the process of consumer bankruptcy harder, more dangerous, more expensive, and less effective.

As the book makes clear, the discharge in either a Chapter 13 or a Chapter 7 is still very valuable, and if you need it, the pain of the process is still worthwhile. But Congress certainly tinkered with the pain/value proposition of both common consumer bankruptcy chapters, and not in a way that was consumer-friendly. But if you need penicillin because you have pneumonia, you put up with the pain of the shot; and if you need to file a bankruptcy of either flavor because of overwhelming debt, you put up with the pain to get your fresh start.

The tone of the book is one of its best features. The authors are clearly compassionate to the plight of debtors (the people who used to be called "bankrupts" under the much older version of the law); the authors are also clearly a little cranky with Congress for making honest debtors jump through so many more flaming hoops to obtain their discharge.

Because the authors are experienced in bankruptcy law, they also know what to emphasize. For instance, the section on the full disclosure requirements is excellent, and includes this sentence: "If there are things in your financial life that you don't want anyone to find out about, please do not file a bankruptcy. If you fail to disclose something of significance, you can end up in jail."

That's important for a debtor to hear, for obvious reasons, because it's the simple truth.

But the thrust of the book is upbeat, and the prose is straightforward, non-technical and easy to read.

I gave the book four stars instead of five because the exemptions section is obsolete, at least in Arizona where I practice, and I suspect elsewhere; that doesn't really make the book less valuable if you know that you must check out the exemptions that are applicable in the state in which you may file.

Overall, this book will save you sleepless nights, and give you a good overview of the process (the discussion of the First Meeting of Creditors is worth the price of admission) and make your meeting with your bankruptcy lawyer go easier and smoother, because you'll know why he or she is asking you all those dumb questions.

One last item; obviously, no book or dvd or streaming tape video can substitute for the judgement of your lawyer, because that's the product of your specific facts and the lawyer's experience. So don't think that you can do this stuff by yourself just because you read a good book. There's no requirement that an individual use an attorney who is board certified or av rated, or AVVO 10 rated, or experienced, or any lawyer at all, to file their own bankruptcy.

But you're not going to try to take out your own appendix after reading "Your Friend, Your Appendix", so please don't think about filing without a lawyer, wherever you may be. Bear in mind that lawyers who file bankruptcy normally use lawyers to file their bankruptcy, because when a lawyer represents himself....Well, you get the idea.

The above does not constitute legal advice and may not be relied upon for legal advice; seek the advice of your own professional in your own jurisdiction prior to making important decisions.

p.s. as I write this postscript, there is a raging debate in Congress over a provision in the Bankruptcy Code that may, after amendment, permit the stripdown of some OR all mortages on residential real property. Will that statute pass? Listen, I've practiced bankruptcy law in Phoenix, Arizona for about thirty years, and I've watched a long series of amendments to the "New Code" of 1979; and I've watched as Congress debated in the past. The 2005 amendments took about a decade to work their way through Congress. So MAYBE the Bankruptcy Code is about to change a lot. And MAYBE it's not. But if you're contemplating bankruptcy in Phoenix, Arizona, or anywhere else, you should be aware that the law is currently MAYBE about to change in a way that could be helpful to debtors, IF they qualify and are willing to put up with a Chapter 13 bankruptcy (which makes a root canal look like fun).

5.0 out of 5 stars Bankruptcy research, September 10, 2011

By 

Sharon Korchnak "musicalhorse" (Boardman, Ohio United States) - See all my reviews
(REAL NAME)   

Amazon Verified Purchase

This review is from: J.K. Lasser's The New Bankruptcy Law and You (Paperback)

This book has been very helpful in my research to do paralegal work with bankruptcy attorneys. Well written and organized for quick review.

3 of 6 people found the following review helpful:

4.0 out of 5 stars Good Book, June 28, 2007

By 

Grand Puba of Chicago "Larry" (Chicago, IL) - See all my reviews

This review is from: J.K. Lasser's The New Bankruptcy Law and You (Paperback)

If you are considering personal bankruptcy, will satisfy the new means test or have a steady w-2 income you may want to file bankruptcy under Chapters 7 or 13. If you are considering one of the chapters, this is a great book for you. For businesses or individuals with more substantial assets or income, the appropriate Chapter would be Chapter 11. The books that I like on that subject are Chapter 11 Business Reorganizations: For Business Leaders, Accountants And Lawyers and Bankruptcy And Debtor/creditor: Examples And Explanations (Examples & Explanations)