The Bankruptcy Handbook informs readers about more than just how to declare bankruptcy. This informative book reveals how to avoid bankruptcy, how to file for bankruptcy, and how to eventually build your credit back up after your bankruptcy has been discharged.
John Ventura, is one of the leading bankruptcy attorneys within the United States, a guest expert on television and radio shows and a law professor. Although he is an authority on bankruptcy, the book clearly states that bankruptcy may not be necessary and can be avoided if consumers take proper steps. Suggestions for avoiding bankruptcy include:
- Budgeting advice
- Steps to take if your debt payments are past due
- A comprehensive look at the various types of loans and which ones to avoid
- The process behind car repossession
- The process behind home foreclosure
The section in The Bankruptcy Handbook about avoiding bankruptcy includes outlines for creating a realistic budget as well as a helpful listing of which debts to pay first if you don't have the funds to pay all your obligations.
How to Declare Bankruptcy
The Bankruptcy Handbook lists step-by-step procedures needed in order to file for bankruptcy. Details are given for:
- Making the final decision to file for bankruptcy
- How to choose a bankruptcy lawyer
- What information to gather for the lawyer
- What assets you can expect to keep and what will be taken from you
- The estimated monetary cost of filing for bankruptcy
- The necessary filings and paperwork you will deal with when filing for bankruptcy
The Bankruptcy Handbook also goes into great detail about the differences between Chapter 7 and Chapter 13 bankruptcies. Although the book will not tell you definitively which form of bankruptcy you will qualify for, it will inform you of the differences between the two and also give you a general idea of which form of bankruptcy you may be able to file. If you want to find out how to declare bankruptcy, this section of the book has invaluable information which may make the entire process a little less daunting.
Chapter 7 Bankruptcies
As the book explains, Chapter 7 bankruptcy is a discharge of most of your debts, although what a lot of people don't realize is that your assets may be liquidated before the rest of your debts are discharged with a Chapter 7. The section in the book detailing Chapter 7 bankruptcies explains what situations best merit a Chapter 7.
Chapter 13 Bankruptcies
The section in The Bankruptcy Handbook which explains Chapter 13 bankruptcies informs readers about the best circumstances for a Chapter 13 bankruptcy. This bankruptcy allows you to keep some of your assets, but instead of dissolving debt it reorganizes the debt into a new payment plan. Information is also given about converting a Chapter 13 into a Chapter 7 if necessary.
Rebuild Credit After Bankruptcy
The author takes the stance that the time to try to rebuild credit after a bankruptcy is as soon as possible, and makes some suggestions as to how it should be done:
- Immediately apply for credit, expecting high interest rates and unfavorable terms in the beginning.
- Utilize secured credit cards and loans as a means to create a favorable credit history.
- Use a co-signer or ask to be added as an authorized user to someone else's account.
- Periodically review your credit report to make sure favorable information is listed while also checking for errors.
John Ventura does suggest caution, however, that if you do not take a look at what got you into financial trouble initially and deal with those issues, you may wind up right back where you started: with financial problems and heading toward bankruptcy.
Buy The Bankruptcy Handbook
The Bankruptcy Handbook is a comprehensive guide for people who:
- Feel as though they are on the verge of bankruptcy
- Want to know the process of how to declare bankruptcy
- Need to know how to rebuild credit after bankruptcy
The book is written in plain terms that are easy to understand. Purchase this book online through Amazon.com or other retailers.