Customer Reviews

The New Bankruptcy: Will It Work for You? (2nd edition)

5 star:		(9)
4 star:		(3)
3 star:		(1)
2 star:		(0)
1 star:		(0)

 

 

To begin with, bankruptcy law changed completely as of October 17, 2005 for really the first time since 1978. Therefore, all books published before that date are pretty much worthless since they are giving you outdated advice on the old law. Of the ones that are in print covering the new law that I have looked through, this one seems to be the best combination of accessible and complete. It does a good job of answering common questions that a person would ask about bankruptcy in the new environment, as well as going into painstaking detail about all of the changes to the law, including the new means test. Included are the steps you need to take to declare bankruptcy, the order in which you need to take them, and the forms you need to fill out. The book also talks about impacts to your life you might not have thought of, such as how declaring bankruptcy might impact your ability to get certain types of jobs or even auto insurance of all things! The reason I have read so much about this is not that I have declared or am planning to declare bankruptcy. Just call me an interested citizen that followed the debate over the new law very carefully and therefore I know a little more than the average citizen about what is in the new law. That is how I know that this book covers and emphasizes the changes so well.

First, there is a lot to like about this book! It's very well organized, and it turns some remarkably complex bankruptcy concepts into fairly easy to digest nuggets.

Second, it's pretty complete as far consumer chapter 7 cases and consumer chapter 13 cases go. There are very few areas of the law that it skips, and it hits the important parts pretty well.

There is a lucid discussion of the roles of the bankruptcy trustee in both sorts of ordinary consumer cases, and a pretty complete discussion of the way a trustee looks at assets, exempt and nonexempt, in consumer bankruptcy cases.

There's one feature I particularly liked about the book, because a lot of bankruptcy resources become dated very quickly; just inside the cover page in the print edition there is a discussion of NOLO resources to check for updates, and that's a good thing.

There are 11 chapters (in the book, not bankruptcy chapters), and they concisely discuss the nature of bankruptcy, eligibility requirements, debts that survive both chapter 7 and 13 discharges, the bankruptcy estate and exemptions, differences in the treatment of homeowners and renters in bankruptcy, treatment of secured creditors in both sorts of filings, the treatment of zero balance credit cards (this is a little-known finesse), psychological and legal consequences of filing, the forms and procedures, getting help with bankruptcy, and alternatives to bankruptcy.

The bankruptcy alternatives discussion is a little weak, but I gave the book five stars anyway, because the title isn't bankruptcy alternatives, and is instead The New Bankruptcy.

I was a little uncomfortable with the discussion of getting help with the bankruptcy, and that's only natural because there was a slight bias in favor of non-lawyer assistance in the process, and I'm a board-certified bankruptcy lawyer practicing in Phoenix, Arizona. But that slight bias is not a good reason to avoid the book; I just have a lot of anxiety about a poor frightened debtor trying to find non-lawyer practitioners who will do a good job for them. With lawyer bankruptcy specialists, you have a somewhat more predictable service provider, although admittedly the service costs more; and the book does a good job of explaining why bankruptcy lawyers charge more than they used to under the new version of the bankruptcy law.

Note: for tracking down good bankruptcy lawyers in the outside world, there's a new resource that joins Findlaw and Martindale (with the coveted AV rating), which is AVVO; it's a little controversial, but it collates info about lawyers. Using those three online sites would at least give you a running start at finding a qualified bankruptcy attorney.

If you are a non-lawyer who is contemplating bankruptcy and you want a concise, well-organized overview of the area, frequently used terms, and the way the law works generally, you would find it hard to beat this book. I would feel comfortable suggesting to any potential debtor (the new name for bankrupt) that they read this book prior to visiting with an experienced bankruptcy lawyer.

Overall, if you read this book prior to filing, you should have a better understanding of the process than if you do not, and it should help keep your blood pressure down during the pain in the neck, time consuming and somewhat lengthy process.

Nothing in the foregoing should be construed as legal advice, and for legal advice, you should always consult a duly licensed professional in your area. See if you can find a bankruptcy lawyer with a Martindale-Hubbell av rating, or a bankruptcy attorney with a rating of 10 from AVVO.

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 mortgages 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).

Bankruptcy is usually the last resort for most people covered in the deep, restricting sludge of debt. "The New Bankruptcy: Will It Work for You?" is a guide to help those in financial turmoil to decide if the revised bankruptcy laws make declaring bankruptcy the answer for all of their money woes. Promoting clear cut answers and strategies to determining this, it offers all the information on qualifying for Chapter 7 bankruptcy, which debts are wiped in this regard, if you can keep your major property like your home and car, among other information - it even offers alternatives to clawing your way out of debt without the drastic use of bankruptcy. "The New Bankruptcy: Will It Work for You?" is highly recommended to those in need of its advice everywhere, and should be on every community library shelf on personal finance.

As always Nolo Press does not fail to give up to date, easy to comprehend legal info.I have been purchasing Nolo products for years and was not surprised to be pleased with this latest offering.If you are needing Bankruptcy info.whether you are considering filing yourself or are a Bankruptcy Preparer as I am, this is a very helpful guide to the new rules-which by the way,are not as oppresive as some think.This book helps clarify the new means testing which is the thrust of new guidelines.

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 book that I like on that subject is Chapter 11 Business Reorganizations: For Business Leaders, Accountants And Lawyers

As always, Nolo books are the best! I am in the legal profession and Nolo Books are far better than the ordinarly law books, especially on Bankruptcy. They are great reference books and they are wonderful to look up something that would take hours to look up in law books. I recommend Nolo for anyone who needs this type of information, both non-lawyer and lawyers!

Gives details about the subject and easy to understand.
Leaves you less frightened by the whole ordeal.

...read this book! It is a great introduction to the subject of personal bankruptcy. When a consumer gets into debt over their head and is unable to keep up the payments on the bills, sometimes bankruptcy is the best way out. The author explains the differences between Chapter 7 and Chapter 13 and why a debtor would choose one or the other. He also explains the means test, which determines whether Chapter 7 bankruptcy is available. He explains the purposes of bankruptcy as well as the consequences. He also explains the limitations of bankruptcy. Not all debts may be discharged and some property is excluded from the reach of creditors. The book is written for the average reader and the language is clear and concise. This book does not cover Chapter 11 bankruptcy, which is for businesses, or Chapter 12 bankruptcy, which is for farms. It does not provide step-by-step instructions for filing bankruptcy. For that, you will need another book. The book is fairly short and half of its content is made up of a glossary, sample forms, and a table of federal and state exemptions. I highly recommend this book to anyone who is considering personal bankruptcy.

As with so many of their publications, "The New Bankruptcy" gives a good, plain English synopsis of the current bankruptcy law. What makes the law "new" is BAPCPA, the 2005 amendments to the bankruptcy code. The book covers the heart of these changes, including the "Means Test" that made filing for and confirming a Chapter 13 bankruptcy more complicated. While not intended as an exhaustive reference, I recommend this book both to consumers considering bankruptcy and to new practitioners looking for a grasp of the basics.

This is a very in-depth, complete, readable, and informative description of the various forms of bankruptcy. A must read for anyone considering it.