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Mandatory Credit Counseling for Those Considering Bankruptcy
Author: Charles Essmeier
Most Americans are aware of the sweeping changes in U.S. bankruptcy law that were made by Congress recently. These changes, strongly supported by the credit card industry, were designed to make it more difficult for Americans to file for bankruptcy under Chapter 7 of the Federal bankruptcy code. Chapter 7 allows consumers to essentially have all of their debts wiped away by the court. While many people will still be able to file under Chapter 7, many more will have to file under Chapter 13, which requires the establishment of a repayment plan. A less publicized provision of the bankruptcy bill is the one that requires debtors who are considering filing for bankruptcy to first undergo credit counseling. What does this mean for consumers?
Actually, the details are not yet known. The law, which takes effect on October 17, 2005, does require that debtors considering bankruptcy receive credit counseling at least six months before filing for bankruptcy. The law also requires that they receive additional counseling before the case is finalized and that any agency providing counseling services must charge an undefined “reasonable fee.” Other than that, there are no details yet. The portion of the law that deals specifically with credit counseling hasn’t yet been written, and the full details are not expected to be released until mid-summer. Even those who work in the credit counseling industry do not know what will be expected of them once the law takes effect.
For consumers with problem debt, this confusion is only making a bad situation worse. In the Fall, more steps will be required of those filing for bankruptcy, but no one knows what those steps are, what they will cost, or how involved they will be. Anyone who has a current financial situation that they feel may lead to bankruptcy would be well advised to consider filing now. Bankruptcy should be considered a last resort for those with problem debt, as a bankruptcy filing will stay on a credit report for at least ten years. If bankruptcy appears inevitable, however, filing now will probably be easier, cheaper, and faster than filing after the new law takes effect in October.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and StructuredSettlementHelp.com, a site devoted to information on structured settlements.
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A Quick Note
From The Publisher...
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Traditionally people who have been through bankruptcy have
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this has all changed and now there are more bankruptcy mortgage
lenders than ever.
Bankruptcy Mortgages
The impossibility of getting a mortgage after bankruptcy would
appear to be a thing of the past. There are now a plethora of
bankruptcy mortgage lenders on the market.
Many people view bankruptcy as a fresh start only to find that
it is just the beginning of their troubles. Getting any kind of
loan or mortgage after bankruptcy can be a real headache. Even
after being discharged as a bankrupt, after the usual three year
period, you may still find it very difficult to obtain a
mortgage. Regardless of your previous mortgage repayment record,
few high street mortgage lenders will consider your mortgage
application. From their point of view the risk of lending you
money is simply too high. However, don't give up hope too
quickly, there... |
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