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?
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Filing Chapter 7 Bankruptcy

This article provides useful, detailed information about Filing Chapter 7 Bankruptcy.
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Chapter 7 Pre-Filing Requirements

Article describes the pre-filing requirement under Chapter 7 of the U.S. Bankruptcy Code.
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Chapter 13 bankruptcy basics

The purpose behind Chapter 13 Bankruptcy filing is rehabilitation of the debtor. Meaning you are given the opportunity to repay some or all of your debts.but under generally better terms (lower or no interest). Rather than having to liquidate assets to pay off debts, this process is designed to allow the debtor to use future income to pay off creditors. Chapter 13 Bankruptcy is basically an adjustment or reduction of debts for a debtor with regular income.
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Comments on 11 bankruptcy chapter filing

!xobile
Date: 2008-01-11 11:51:06

Ensemble Chimes Global, the "largest contingent labor management services provider in the world" filed for Chapter 7 Bankruptcy yesterday afternoon and were shut down. Affected IT consultants must be wondering if they'll be able to pay those holiday credit card bills with November and December invoices still unpaid.

AVINGS
Date: 2008-01-11 11:51:06

I must admit I was saddened by the news that regional consumer electronics retailer Harvey Electronics filed for Chapter 11 bankruptcy protection.

peed])emon
Date: 2008-01-11 11:51:06

All-business-class carrier Maxjet today filed for protection under Chapter 11 bankruptcy and ceased all flight operations, stranding flyers traveling from the U.S. to London, and from London to the U.S.

strictlyfinance
Date: 2008-01-11 11:51:06

...as a result of having filed for protection under Chapter 11 of the U.S. Bankruptcy Code, the Nasdaq Listing Qualifications Panel has determined to delist the company's securities from the Nasdaq Stock Market and will suspend trading of the securities effective at the open of business on Thursday, December 27, 2007.

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