Bankruptcy Masterclass – Volume 5: Processing the Petition, Schedules & Statements
Every attorney should read this book cover to cover before filing his/her first Chapter 7 bankruptcy case. This book explains the nuts and bolts of filing Chapter 7 – giving attorneys the confidence to provide competent representation to clients by exceeding the minimum competency level of the profession and exercising the skill, knowledge and ordinary care exercised by other attorneys.
This book offers a line-by-line analysis of the official bankruptcy forms prescribed by the Judicial Conference of the United States, including the Petition, Schedules A/B thru J, Statement of Compensation, Statement of Intent, Statement of Financial Affairs, Statement of Current Monthly Income, and Statement of the Means Test Calculation.
In sum, studying this book should make any attorney feel competent to file his/her first Chapter 7 bankruptcy case. Attorneys who embrace this book will be able to better understand the Chapter 7 legal requirements, anticipate bankruptcy issues, and carefully prepare the required petition, schedules, and statements. Attorneys will also be able to help their financial troubled clients by:
- Offering a timeline to manage client expectations.
- Explaining the bankruptcy process to the client.
- Advising whether a client is eligible for Chapter 7 relief.
- Providing a client with a realistic outcome forecast.
- Advising a client whether Chapter 7 relief is the best chapter to seek relief.
- Identifying which assets are “exempt” from liquidation and which assets may be sold by the Chapter 7 standing trustee.
- Specifying which debts can be discharged and which debts survive the bankruptcy.
- Advising a client whether the client’s home can be retained after filing bankruptcy.
- Advising a client whether the client’s vehicle or other personal property can be retained after filing bankruptcy.