A SurvivAl Guide - Bankruptcy Certification | BKCert.com
A Su rv i va l
Guide
to Pre-Bankruptcy
W h at You S h o u l d K n o w b e f o r e You f i l e for Ba n k r u p t c y
Material adapted from Mitchell Allen's A Survival Guide to Debt
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 and author are not engaged in rendering legal, accounting, or other professional services. If legal advice or other expert assistance is required, the services of a competent professional should be sought.
Published by Greenleaf Book Group Press P.O. Box 91869 Austin, TX 78709
Copyright ?2010 Mitchell Allen All rights reserved under all copyright conventions. No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission from the publisher.
Distributed by Debt Education and Certification Foundation For ordering information or special discounts for bulk purchases, please contact Debt Education and Certification Foundation at Booklets@debt-.
Design and composition by Greenleaf Book Group LLC Cover design by Greenleaf Book Group LLC
Part of the Tree NeutralTM program, which offsets the number of trees consumed in the production and printing of this book by taking proactive steps, such as planting trees in direct proportion to the number of trees used:
Printed in the United States of America on acid-free paper 10 11 12 13 14 15 10 9 8 7 6 5 4 3 2 1 First Edition
Contents
Introduction 1 First Steps to Fixing the Problem 4 Delaying Foreclosure 5
Stalling Repossession 6 Dealing with Creditor Calls and Mail 7 Consumer Protection 10
The Fair Credit Reporting Act 10 The Fair Debt Collection Practices Act 12 The Fair Credit Billing Act 12 Taking Stock 14 Monthly Cash Flow Statement 14 Types of Debt 17 Your Situation, Your Strategy 22 Handle the Debt on Your Own 22 Credit Counseling 28 Debt Settlement 30 Personal Bankruptcy 32 Bankruptcy Myths and Facts 33 Myth: Bankruptcy Is for Irresponsible People or Losers 33 Myth: Bankruptcy Is for People Who Are Flat Broke 34 Myth: Bankruptcy Results in Losing Everything 35 Myth: I Will Never Recover from Bankruptcy 35 Myth: Filing Bankruptcy Will Cause Me to Lose My Job 36 Fact: Bankruptcy Makes Creditor Calls Stop 37 Fact: Bankruptcy Halts Foreclosure 38 Fact: Bankruptcy Allows You to Keep Certain Assets 39
iv Debt Education and Certification Foundation
Fact: Bankruptcy Can Give You a Fresh Start 39 Fact: Bankruptcy Is Not an Immediate "Clean Slate" 39 Fact: Bankruptcy Cannot Relieve You of Certain Obligations 40 Chapter 7 Personal Bankruptcy: Liquidation 42
1. Analysis of Your Financial Affairs 43 2. Talking with an Attorney 43 3. Completion of an Approved Credit-Counseling Course 45 4. Filing the Case with the Court 45 5. The 341 Meeting (Creditors' Meeting) 46 6. Pre-discharge Debtor Education Course 47 7. Discharge 47 Chapter 13 Bankruptcy: Reorganization and Repayment 48 1. Analysis of Your Financial Affairs 49 2. Talking with an Attorney 50 3. Completion of Credit Counseling 51 4. Filing the Case with the Court 51 5. The 341 Meeting 51 6. Approval by the Court 52 7. Repayment Period 52 8. Pre-Discharge Debtor Education Course 52 9. Discharge 53 If You Are Unable to Make Payments 53 Dealing with the Root Causes 55 Resources for Financial Education 55 What Now? 58
Dear DECAF Student,
If you are reading this booklet, you are likely considering or are in the process of filing for bankruptcy. And if you are considering filing for bankruptcy, you have been facing some difficult financial decisions in your life. Bankruptcy may be the solution to your financial problems--or it may not be. That is why the first step in the bankruptcy process is to educate yourself about your options. And you do have options.
Regardless of why you are in your current financial situation, there is a path back to financial security. Remember: you are not your debt. This booklet is designed to give you supplemental material to the course you recently completed. It will provide you information and resources so you can emerge from your current financial situation stronger and better equipped to deal with your finances. Though all of the material here may not apply to you, my hope is that much of it will, and that you will use it to make the best choices for your situation and your goals.
I wish you and your family the very best.
Good luck,
................
................
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