The New Bankruptcy: Will It Work for
You? by Stephen Elias Attorney
This Book Is A Fine Bankruptcy Reference For Consumers
Considering bankruptcy? Get the facts and find out how bankruptcy could
work for you.
Bankruptcy laws have changed, and figuring out how to use them
effectively is harder than ever. For plain-English guidance you can trust,
turn to The New Bankruptcy.
Get the clear-cut answers, information and strategies you need to figure
out whether bankruptcy is the right solution for your debt problems. Find
out:

if you qualify for Chapter 7 bankruptcy
how Chapter 13 repayment plans work
which debts are wiped out
how bankruptcy affects homeowners
if you can keep cars and other property
how bankruptcy affects credit
alternative ways to handle debt problems
The 3nd edition is completely updated to reflect the latest rulings on the
new bankruptcy laws, additional information on foreclosures and an all-
new appendix containing essential sample forms. It also provides
worksheets to help you determine whether you can file for bankruptcy, and
includes fully up-to-date exemption charts, helpful checklists and easy-to-
use legal charts for all 50 states. (20080203)
Personal Review: The New Bankruptcy: Will It Work for You? by
Stephen Elias Attorney
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).
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