Bankruptcy Laws Information Bankrupcy

File Bankruptcy ?

Chapter 7 & Chapter 13

Important Considerations

Too many credit card bills? For immediate help,
call toll free for alternative to bankruptcy.
*** ***

Considering filing? Chapter 7? Chapter 13? Under the Bankruptcy Revision Act of 2005 consumers considering filing must first under go a needs test and then enroll in a credit counseling/debt consolidation program for at least 6 months. The following section highlights these changes:

S. 256, the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005," which makes several changes to the Bankruptcy Code, including establishing a means test for chapter 7 bankruptcy, raising the priority for payments of domestic support obligations, placing limits on the homestead exemption, and requiring credit counseling prior to filing for bankruptcy; and enhances credit card company disclosure requirements.

The most controversial part of the overhaul is the needs test where those whose income exceeds their state's median income, and can pay at least $100.00 per month over a 5 year period ($6,000.00), would be forced in to a Chapter 13 repayment plan. Prior to filing, the law requires consumers to enroll in a credit counseling / debt consolidation repayment plan for 6 months in an effort to get their finances in order. To read more about this act, visit the following link: Bankruptcy Abuse Prevention Act.

If you are looking for a realistic alternative to bankruptcy, please visit the links below:

Consumer Credit Counseling - Offers debt counseling & management services.
.

Debt Consolidation - Offers bankruptcy alternative. Become debt free without borrowing or filing.
.

The following toll free number has been provided for your convenience:

Too many credit card bills? For immediate help,
call toll free for alternative to bankruptcy.
*** ***