Actual for You - If You Find That You Are In Financial Trouble, Look At Debt Settlement As Your First Option

For over 8 years, congressional backers, banks and credit card companies pushed to get bankruptcy reform on the books. Who has this really helped?

Last year the new law went into effect. The pushers of this law said it was needed to help curb the massive abuse of people who filed for Chapter 7 bankruptcy as a way to simply walk away from their debt. Opponents said the changes would be especially hard on low-income working people, single mothers, minorities and the elderly and would remove a safety net for those who have lost their jobs or face mounting medical bills.

The law bars those with above-average income from Chapter 7 -- where debts can be wiped out entirely -- except under special circumstances. Those deemed by a new "means test" to have at least $100 a month left over after paying certain debts and expenses must file instead a 5-year repayment plan under the more restrictive Chapter 13.

In addition to this “means test”, an individual wishing to file for relief under Chapter 7 must first seek credit counseling services and receive a certificate of insolvency.

Basically, anyone seeking to file a Chapter 7 bankruptcy has to go to a credit counseling service that interviews the individual and conducts an analysis of their overall financial situation to determine if they truly can’t afford to pay back their debts.

As you well know, the credit counseling industry is funded by the credit card companies. How convenient. Fortunately, in order for a credit counseling company to provide this service, they must become certified by the United States Trustees office and there are certain guidelines that they must follow.

So, let’s take a look at all the abusers they have been able to quash from filing their Chapter 7 Bankruptcy and prove us all wrong.

The National Association of Consumer Bankruptcy Attorneys released a study that concluded that forcing consumers into credit counseling – a key provision of the reform Act, was a waste of money and did little to weed out the deadbeats trying to use bankruptcy to avoid paying their debts.

There were six major credit counseling firms surveyed that dealt with 61,335 bankruptcy filers since Oct. 17. Out of those 63,335 people, only 3.3 percent of people in the study were eligible for a debt management plan and could avoid filing bankruptcy.

Additionally, 79 percent of those surveyed were seeking bankruptcy due to circumstances beyond their control, defined as emergency medical expenses, loss of employment, higher minimum payments on credit cards, change in marital status or other unexpected events.

The law bars those with above-average income from Chapter 7 -- where debts can be wiped out entirely -- except under special circumstances. Those deemed by a new "means test" to have at least $100 a month left over after paying certain debts and expenses must file instead a 5-year repayment plan under the more restrictive Chapter 13.

In addition to this “means test”, an individual wishing to file for relief under Chapter 7 must first seek credit counseling services and receive a certificate of insolvency.

Basically, anyone seeking to file a Chapter 7 bankruptcy has to go to a credit counseling service that interviews the individual and conducts an analysis of their overall financial situation to determine if they truly can’t afford to pay back their debts.

As you well know, the credit counseling industry is funded by the credit card companies. How convenient. Fortunately, in order for a credit counseling company to provide this service, they must become certified by the United States Trustees office and there are certain guidelines that they must follow.

So, let’s take a look at all the abusers they have been able to quash from filing their Chapter 7 Bankruptcy and prove us all wrong.

The National Association of Consumer Bankruptcy Attorneys released a study that concluded that forcing consumers into credit counseling – a key provision of the reform Act, was a waste of money and did little to weed out the deadbeats trying to use bankruptcy to avoid paying their debts.

There were six major credit counseling firms surveyed that dealt with 61,335 bankruptcy filers since Oct. 17. Out of those 63,335 people, only 3.3 percent of people in the study were eligible for a debt management plan and could avoid filing bankruptcy.

Additionally, 79 percent of those surveyed were seeking bankruptcy due to circumstances beyond their control, defined as emergency medical expenses, loss of employment, higher minimum payments on credit cards, change in marital status or other unexpected events. Making Money with Google Adwords
With just over 70% of the search market Google dominates the world of internet search theses days. It is little wonder that a majority of internet marketers and entrepreneurs keep their eyes on whatever Google is doing today and speculate on where they may go in the future.With the advent of Google’s two flagship money making endeavors, Adwords and Adsense, Google was not only able to become a multi-billion dollar company they also enabled the world of internet marketing to become a counseling services and receive a certificate of insolvency.

Basically, anyone seeking to file a Chapter 7 bankruptcy has to go to a credit counseling service that interviews the individual and conducts an analysis of their overall financial situation to determine if they truly can’t afford to pay back their debts.

As you well know, the credit counseling industry is funded by the credit card companies. How convenient. Fortunately, in order for a credit counseling company to provide this service, they must become certified by the United States Trustees office and there are certain guidelines that they must follow.

So, let’s take a look at all the abusers they have been able to quash from filing their Chapter 7 Bankruptcy and prove us all wrong.

The National Association of Consumer Bankruptcy Attorneys released a study that concluded that forcing consumers into credit counseling – a key provision of the reform Act, was a waste of money and did little to weed out the deadbeats trying to use bankruptcy to avoid paying their debts.

There were six major credit counseling firms surveyed that dealt with 61,335 bankruptcy filers since Oct. 17. Out of those 63,335 people, only 3.3 percent of people in the study were eligible for a debt management plan and could avoid filing bankruptcy.

Additionally, 79 percent of those surveyed were seeking bankruptcy due to circumstances beyond their control, defined as emergency medical expenses, loss of employment, higher minimum payments on credit cards, change in marital status or other unexpected events. Building Your Business with Blogging -- Part 1
Blogging—it’s all over the web, and I do mean all over the web. In her 2003 article, “Meet the B-Blog,” Kathleen Goodwin noted that millions of bloggers were interacting across half a million blogs, with over a thousand new blogs popping up every day. At first glance, the “blogosphere” seems like a conglomerate of teen angst, purple journalism and creepy voyeurism. How could it be any use in business?The truth is, savvy businesses caught on to the fact that, according to Goodwcertified by the United States Trustees office and there are certain guidelines that they must follow.

So, let’s take a look at all the abusers they have been able to quash from filing their Chapter 7 Bankruptcy and prove us all wrong.

The National Association of Consumer Bankruptcy Attorneys released a study that concluded that forcing consumers into credit counseling – a key provision of the reform Act, was a waste of money and did little to weed out the deadbeats trying to use bankruptcy to avoid paying their debts.

There were six major credit counseling firms surveyed that dealt with 61,335 bankruptcy filers since Oct. 17. Out of those 63,335 people, only 3.3 percent of people in the study were eligible for a debt management plan and could avoid filing bankruptcy.

Additionally, 79 percent of those surveyed were seeking bankruptcy due to circumstances beyond their control, defined as emergency medical expenses, loss of employment, higher minimum payments on credit cards, change in marital status or other unexpected events. How to Find the Best Credit Cards
Finding the best credit cards in today’s world can be a bit challenging. Although you may receive hundreds of credit card applications in your mailbox each year, not all of them are worth your time and energy. To find the best credit cards, you should use a general checklist when examining each application. By using this checklist you can guarantee that you know exactly what type of credit card you are applying for and what to expect after you are approved.FeesMany e six major credit counseling firms surveyed that dealt with 61,335 bankruptcy filers since Oct. 17. Out of those 63,335 people, only 3.3 percent of people in the study were eligible for a debt management plan and could avoid filing bankruptcy.

Additionally, 79 percent of those surveyed were seeking bankruptcy due to circumstances beyond their control, defined as emergency medical expenses, loss of employment, higher minimum payments on credit cards, change in marital status or other unexpected events.

The lawyers' group said the other 21 percent of filers included people who did not "deliberately seek to accumulate excessive debt" but fell prey to finance charges and their own lack of financial sophistication over time.

So who has this law really helped? Well, remember that anyone wanting to file a Chapter 7 must first seek credit counseling. Did we mention that this was not a free service? Sorry, they charge anywhere from $50 to $100. So, 63,335 people go in and are forced to pay an average of $75 each. That equals $4,750,125 in fees to stop 2,000 people from abusing the system.

I guess the other 61,000 people just had to get it stuck to them one more time before they actually got the relief they deserved……

If you find that you are in financial trouble, look at debt settlement as your first option. From there, if you don’t qualify you can look at either qualifying for credit counseling or dropping $100 at their door on the way to your Bankruptcy attorneys office.

I never really did answer the question of who the new law has actually helped but I trust that you have figured that out.

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