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New Bankruptcy Law Requires Credit Counseling Before Filing Starting On October 17, 2005!You can find a state-by-state list of government-approved credit counseling organizations at www.usdoj.gov/ust. That is the website of the U.S. Trustee Program, the organization within the U.S. Department of Justice that administers all new cases. New Bankruptcy Law Credit Counseling Requirements!Generally, credit counseling organizations advise consumers on managing money and debts and developing a budget; most usually offer free educational materials and workshops. The credit counseling required by the new bankruptcy law can take place in person, on the phone, or online. You can expect your counseling session to last about 90 minutes and to include an analysis of your budget. Under the law, credit counseling organization are allowed to charge you a reasonable fee for its services. Credit counseling organizations on the U.S. Trustee’s list must waive the fee for anyone who can’t afford to pay. Fees may be in the $50 range, but could be higher depending on where you live, the types of services you receive, and the administrative costs of the credit counseling organization. Once you have completed the required counseling, you must obtain a certificate as proof. Check the U.S. Trustee’s website to be sure that you receive the correct certificate for the bankruptcy court where you will be filing for bankruptcy. Some credit counseling organizations may charge extra for the certificate. New Bankruptcy Law Allows Debt Management Plans!Sometimes, credit counseling organizations recommend and negotiate a debt management plan (DMP) for their clients. In a DMP, you deposit money each month with the credit counseling organization, which, in turn, uses your deposits to pay your credit card bills, student loans, medical bills, or other unsecured debts according to a payment schedule they’ve worked out with you and your creditors. Sometimes, creditors agree to lower interest rates or waive certain fees if you are repaying your debts through a DMP. A DMP is not required for consumers who are filing for bankruptcy, under the bankruptcy law. If you do go the DMP route, you will need to provide a copy of the plan to the bankruptcy court when you file for bankruptcy. Important New Bankruptcy Law Questions to Ask When Choosing a Credit Counselor!
As with any important decision about your finances, it’s wise to take an active role in choosing a credit counseling organization under the new bankruptcy law. Once you have the list of organizations approved by the U.S. Trustee Program, call several of them to gather information before you make your selection. NOW! Just imagine what you will feel like, when you wake up one morning and absolutely know that all of your debts have been eliminated. Have you had enough of working hard to make money ... just to find that your paycheck comes in one day and goes out the next to pay your mortgage, your loans, and your credit card bills? Starting Today you will have the debt elimination knowledge and power in your hands to change your life financially! John Cummuta NOW! Just imagine what you will feel like, when you wake up one morning and absolutely know that all of your debts have been eliminated. Starting Today! You can follow the same proven tips and techniques used by debt elimination and credit repair specialist to eliminate your debts and build the credit rating you really deserve! New Bankruptcy Law, Now Requires Credit Counseling Before Filing For Bankruptcy! Today, you will have the knowledge and power in your hands to change your life financially by using proven debt elimination programs!
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