Bankruptcy for Small Business Owners: How to File for Chapter 7

Web Resources......Page 0
Table of Contents......Page 9
Your Small Business Chapter 7 Personal Bankruptcy Companion......Page 13
Part 1: Making the Decision—Is Chapter 7 Personal Bankruptcy for You?......Page 15
1.
 Evaluate Your Debts and Your Business......Page 17
Assess Your Personal Liability for Business Debts......Page 18
Assess Your Spouse’s Liability for Business Debts......Page 22
Assess Whether Your Business Is Viable......Page 24
2.
 How Chapter 7 Personal Bankruptcy Works......Page 27
The Chapter 7 Process......Page 28
Who Can File for Chapter 7......Page 30
What Happens to Your Property in Chapter 7 Bankruptcy?......Page 34
Which Debts Are Discharged in Chapter 7?......Page 41
Is Chapter 7 the Right Choice?......Page 44
3. Other Options for Handling Business Debt......Page 45
If You Want to Close Your Business......Page 46
If You Want to Continue Your Business......Page 53
Options for Dealing With Corporate and LLC Debt......Page 58
Part 2: Filing for Chapter 7 Personal Bankruptcy......Page 63
4. The Automatic Stay......Page 65
Who the Stay Protects......Page 66
Actions Prohibited by the Automatic Stay......Page 67
When the Automatic Stay Doesn’t Apply......Page 69
Rules for Commercial Leases......Page 71
Residential Evictions......Page 72
5. Your Bankruptcy Estate......Page 75
Property in Your Bankruptcy Estate......Page 76
Property That Is Not in Your Bankruptcy Estate......Page 89
6. Understanding Property Exemptions......Page 93
How Exemptions Work......Page 95
Applying Exemptions to Your Property......Page 100
Selling Nonexempt Property Before You File......Page 111
7. What Happens to Your Home......Page 117
How Bankruptcy Affects a Typical Homeowner......Page 119
Will You Lose Your Home in a Chapter 7 Bankruptcy?......Page 123
Ways to Keep Your House......Page 134
8. Secured Debts......Page 139
What Are Secured Debts?......Page 140
What Happens to Secured Debts When You File for Bankruptcy......Page 143
Options for Handling Secured Debts in Chapter 7 Bankruptcy......Page 144
9.
 Complete and File Your Bankruptcy Paperwork......Page 157
Gather the Necessary Documents......Page 159
Get Some Information From the Court......Page 162
For Married Filers......Page 164
Required Forms and Documents......Page 166
Form 1—Voluntary Petition......Page 169
Form 6—Schedules......Page 178
Form 7—Statement of Financial Affairs......Page 222
Form 8—Chapter 7 Individual Debtor’s Statement of Intention......Page 236
Form 22A—Statement of Current Monthly Income and Means-Test Calculation......Page 241
Mailing Matrix......Page 257
How to File Your Papers......Page 258
After You File......Page 260
10. Handling Your Case in Court......Page 263
Routine Bankruptcy Procedures......Page 264
Amending Your Bankruptcy Papers......Page 277
Special Problems......Page 279
11.
 After Your Bankruptcy......Page 289
What Happens to Your Debts in a Chapter 7 Bankruptcy......Page 290
Disputes Over Dischargeability......Page 303
Issues That May Arise After Your Bankruptcy......Page 306
12. Help Beyond the Book......Page 315
Debt Relief Agencies......Page 316
Bankruptcy Petition Preparers......Page 317
Bankruptcy Lawyers......Page 321
Legal Research......Page 326
Appendixes......Page 335
A.
 State and Federal Exemption Charts......Page 337
Residency Requirements for Claiming State Exemptions......Page 338
Retirement Accounts......Page 339
B. Worksheets and Charts......Page 375
Personal Property Checklist......Page 377
Property Exemption Worksheet......Page 381
Homeowners’ Worksheet......Page 389
Judicial Lien Worksheet......Page 391
Bankruptcy Forms Checklist......Page 393
Bankruptcy Documents Checklist......Page 395
Median Family Income Chart......Page 397
C.
 Tear-Out Forms......Page 399
Form 1—Voluntary Petition......Page 401
Exhibit C to Voluntary Petition......Page 407
Exhibit D to Voluntary Petition......Page 409
Schedule A—Real Property......Page 413
Schedule B—Personal Property......Page 415
Schedule C—Property Claimed as Exempt......Page 421
Schedule D—Creditors Holding Secured Claims......Page 423
Schedule E—Creditors Holding Unsecured Priority Claims......Page 427
Schedule F—Creditors Holding Unsecured Nonpriority Claims......Page 433
Schedule G—Executory Contracts and Unexpired Leases......Page 437
Schedule H—Codebtors......Page 439
Schedule I—Current Income of Individual Debtors(s)......Page 441
Schedule J—Current Expenditures of Individual Debtor(s)......Page 443
Declaration Concerning Debtor’s Schedules......Page 445
Summary of Schedules and Statistical Summary of Certain Liabilities......Page 447
Form 3A—Application to Pay Filing Fee in Installments and Order Approving Payment of Filing Fee in Installments......Page 451
Form 3B—Application for Waiver of the Chapter 7 Filing Fee and Order on Debtor’s Application of Waiver......Page 455
Form 7—Statement of Financial Affairs......Page 465
Form 8—Chapter 7 Individual Debtor’s Statement of Intention......Page 487
Form 16A—Caption......Page 493
Form 20A—Notice of Motion or Objection......Page 495
Form 21—Statement of Social Security Number(s)......Page 497
Form 22A—Chapter 7 Statement of Current Monthly Income and Means-Test Calculation......Page 499
Form 23—Debtor’s Certification of Completion of Postpetition Instructional Course Concerning Personal Financial Management......Page 515
Form 27—Reaffirmation Agreement......Page 517
Form 201A--Notice to Consumer Debtor(s)
......Page 521
Form B240A--Reaffirmation Documents
......Page 525
Form 240B—Motion for Approval of Reaffi......Page 539
Form 240C—Order on Reaffirmation Agreement
......Page 541
Mailing Matrix......Page 543
D. Pleadings......Page 545
Lien Avoidance......Page 546
Redemption Agreements......Page 558
Amending Your Bankruptcy Papers......Page 561
Voluntary Dismissal......Page 564
Reopening a Case......Page 566
Proof of Service......Page 574
Index......Page 577
Related Products
......Page 607