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Chandler Hill Partners: Surviving Job Loss
FOR IMMEDIATE RELEASE -- Phoenix, AZ -- September 21, 2004 If you have lost your job for any reason, but particularly if it was under negative circumstances, get ready to go through a range of emotions. You are experiencing one of the most...
E-Business's Best Friend: eCRM
From Ebay to the smallest home-operated start-up, e-businesses of all sizes struggle to accurately answer a common question: who are my customers? If you can't answer that question, chances are you're also in the dark about the following...
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Copyright © Cecilia Chang Business ideas can pop up in your mind anytime, anywhere. So the best option is to write it down whenever something comes to your mind, you’ll never know when it does come in handy one day. To decide what kind of business...
Six Quick Tips to Build Charisma
"Charisma is the intangible that makes people want to follow you, to be around you, to be influenced by you." -- Roger Dawson Each person is born ethnocentric, or believing that other people and events revolve around them which is generally true...
SMART MONEY MOVES...RELOCATE YOUR ASTROLOGY CHART BEFORE YOU INVEST IN YOUR OWN PRIVATE PARADISE....
BEFORE YOU INVEST IN YOUR OWN PRIVATE PARADISE, A…Golf Course Haven…Vineyard in Provence…Oceanfront Condominium with a Dock for Your Yacht…Sunny Tropical Island…Mountain Ski Cabin…Castle by the Sea…Panama Estate…Or Cancun Casita... STOP and CHECK...
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Mandatory Credit Counseling for Those Considering Bankruptcy
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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