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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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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Bankruptcy Chapter 13

This article provides useful, detailed information about Chapter 7 Bankruptcy.
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Chapter 7 Bankruptcy

This article provides useful, detailed information about Chapter 7 Bankruptcy Law.
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Comments on 7 bankruptcy chapter ohio

Financebot N
Date: 2008-01-11 12:07:13

As part of the plan, the Toledo, Ohio-based building-products company, which has a plant in Newark, Ohio, will pay more than $5 billion to asbestos claimants and as much as $2.27 billion to holders of bank debt. Owens Corning sought Chapter 11 bankruptcy protection in 2000 in an effort to shield claims in the billions of dollars for asbestos sold.

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