Maintain your old Siemens Hipath system

Bankruptcy Interest Increases as Deadline Approaches

Congress recently passed sweeping legislation that will significantly reform American bankruptcy law. Designed to eliminate the "convenience bankruptcy" of compulsive gamblers and the financially irresponsible, this legislation will make it more difficult for those seeking bankruptcy protection from the courts to have their debts relieved.

Under current law, people who have debts that they cannot repay may file under Chapter 7 of the Federal bankruptcy code, which allows nearly all debts to be wiped away. The new legislation, which takes effect in October, 2005, will require most people filing for bankruptcy to file under Chapter 13 instead. Chapter 13 requires that a repayment plan be established, usually over a period of five years. Chapter 7 filings will still be an option, but the new legislation includes a "means test" that examines the filer's income to determine whether Chapter 7 or Chapter 13 is appropriate.

With the new law set to take effect, the number of people inquiring about Chapter 7 bankruptcy filing has increased dramatically. Attorneys who specialize in bankruptcy law have reported that their phones are ringing constantly, as people who are in financial trouble are wondering if they should file for bankruptcy immediately. While this is good for business, many attorneys are a bit concerned about the sudden rush to file for bankruptcy.

While filing for bankruptcy may be the only option for some people, it is not something to undertake in haste. Bankruptcy stays on your credit report for a minimum of ten years, and can your ability to obtain auto loans, mortgages or even jobs in the future, even if you have established financial stability. Bankruptcy should not be entered into lightly, and should be considered only as a last resort. Many creditors will work with those who owe them money, and it may be possible to establish a repayment plan without filing for bankruptcy.

If you feel that your financial situation is serious enough that bankruptcy is a possible option for you, you may wish to speak to a credit counselor or bankruptcy attorney now. There are still five months remaining before the new legislation takes effect; this should provide most people with ample time to examine their options carefully. What you should not do is rush into filing a bankruptcy petition that may turn out not to be necessary. A rush to beat a five-month deadline may haunt you for ten years or more, and that is the last thing you want.

©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 site devoted to debt consolidation and credit counseling, and HomeEquityHelp.net, a site devoted to information regarding home equity loans.

In The News:


Warning: simplexml_load_file() [function.simplexml-load-file]: http://feeds.skynews.com/feeds/rss/world.xml:1: parser error : Document is empty in /home/infob/public_html/includes/rss.php on line 2

Warning: Invalid argument supplied for foreach() in /home/infob/public_html/includes/rss.php on line 9


tikatoshop.it

Erfahrungen mit Pallhuber Wein
Agen Bola SBOBET Terpercaya

Travel in comfort and at your leisure with CT Airlink Limousine & Car Service for top quality private transportation and exceptional customer service. We operate Sedans, SUVs & Vans for CT Car Services to covering all Connecticut airports including Car Service from CT to Newark Airport , Mohegan Casino Uncasville CT, Foxwoods Casino Mashantucket CT, Manhattan Cruise Terminal NYC, Brooklyn Cruise Terminal NYC and Bayonne Cruise Terminal NJ. CT Airlink hire licensed and friendly chauffeurs who have in-depth knowledge of the Areas.

Reducing Debt Before Its Too Late - How to Avoid the Pitfalls of Creeping Debt

Reducing debt usually isn't a high priority for people until... Read More

You Can Make Financial Resolutions Anytime

The New Year often brings with it a desire to... Read More

New Bankruptcy Legislation May Make it Harder to Find an Attorney

The recently passed Bankruptcy Abuse prevention and Consumer Protection Act... Read More

Five Major Ways to Save Money

There are two main roads to improving your personal finances:... Read More

A History of Money and Banking Secrets That Banks Dont Want Published

A History of Money and TradeTo start with a history... Read More

The New Bankruptcy Law -- How Will It Affect Debt Negotiation?

In April 2005, Congress made sweeping changes in U.S. bankruptcy... Read More

How to Get Triple A Credit in 25 Days

Good credit is everyone's dream. A wise use of credit... Read More

How to Become Debt Free

In today's consumer society it is all too easy to... Read More

Debt Validation: Do you have to pay ?

It happens all the time. Debt collectors try to collect... Read More

Fast Track Out of Debt

You go to the mail box and scan - a... Read More

Two Ways To Debt Relief

There are many debt relief programs out there both off... Read More

IVA Advice

An IVA (individual voluntary arrangement) is an alternative to bankruptcy... Read More

Stop Debt Collectors

Can you stop debt collectors ? . . .You better... Read More

Questions to Ask a Credit Counseling Service about Debt Relief

Debt relief is a topic on a lot of consumers'... Read More

Dont Let The Good Times Bury You

It is vital to get rid of debt while things... Read More

What Is A FICO Score?

Your FICO score or credit score as it's commonly called... Read More

Student Loans Can?t Be Swept Away Through Bankruptcy

Bankruptcy is in the news these days, as Congress has... Read More

Debt Help and Advice for the UK

At some time or another during our lives most of... Read More

Debt and Your Dreams

You may not realize what that credit card bill is... Read More

Purchase Your Future Now While It Is Still Inexpensive

Leaving school, getting a new job, or even a raise... Read More

New Bankruptcy Law Will Not Protect You from Identity Theft

Recently passed by Congress with overwhelming support, the oddly-named Bankruptcy... Read More

Debt Collectors; And what you can do to Get Them Out of your Life

FTC opinion letter on validation Section 809(a) of the FDCPA,... Read More

British Families and Debt

There is current concern from the Bank of England that... Read More

Debt Collectors: Men or Mice?

Who are these people anyway? They viciously harass you and... Read More

Bankruptcy - The Easy Option?

Incredibly, since the changes in the bankruptcy law in April... Read More