The Book Corner - Review

Bankruptcy for Small Business by Wendell Schollander and Wes Schollander

Bankruptcy for Small Business

By Wendell Schollander and Wes Schollander
Sphinx Legal, 2008

[powerpress http://gsbm-med.pepperdine.edu/gbr/audio/winter2010/review-kinsman.mp3]

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5 stars: Stop what you're doing and read this book!There is no question that the current economy is causing many people more difficulty than at any time in recent memory. Almost daily we read news stories about financial problems that are causing people to take drastic action, like bankruptcy.

Bankruptcy for Small Business is a very informational and highly factual self-help book written by two attorneys from Winston-Salem, North Carolina. It begins by talking about forms of businesses, goes on to discuss why you might get in financial trouble, and then discusses what creditors can and cannot do to you in the event of such difficulties.

The book dispenses some excellent advice on processes you should go through if you find yourself considering bankruptcy, including a pair of chapters on assessing your finances and analyzing your financial situation, and resources that are available at low or no cost that may help you solve your troubles. It also discusses the role of attorneys and creditors in the debt process, and provides a list of dos and don’ts.

There is a fascinating chapter on what assets you are allowed to keep after bankruptcy in three states under differing scenarios, and an excellent appendix on the amounts you can keep in bankruptcy in various states. The differences in state laws are striking. For example, in some states you can keep all of the equity in a home under certain circumstances, while in others your home equity value is limited to zero. Chapters 14 through 18 discuss the actual bankruptcy filing process and what to expect during and after bankruptcy. Finally, chapter 19 discusses rebuilding credit.

The book consists of 171 easily read pages, written in a clear and concise style that should appeal to GBR readers, and offers a wealth of information, including the advice that if you need an attorney to help you file bankruptcy, you should probably get one. That said, even if you have an attorney, this is a very good reference to have on hand during the process of bankruptcy.

I commend this book to you with 5 stars—this is a must-read for those in financial trouble and makes a great gift for someone in financial difficulty. Cost of the book: $22.95. Value of peace of mind: Priceless.

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