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 question

!xobile
Date: 2008-01-11 12:08:02

The other day, an interesting question came into the 713Training.Com office from a paralegal working on a Chapter 7 bankruptcy petition. The debtor was a widow who claimed most of the debts were only in her husbands name. The paralegal wanted to know if the debts of a dead person should be listed on the bankruptcy petition.

Alex Finance
Date: 2008-01-11 12:08:02

Have you recently filed Chapter 13 Bankruptcy? This article will give you an idea of what to expect at the Meeting of Creditors Hearing. Very specific info on the types of questions asked by the bankruptcy trustee.

Budgieboy
Date: 2008-01-11 12:08:02

Will America have to declare Chapter 11 because of $80 trillion in unfunded entitlement promises? That's a question posed recently by Laurence Kotlikoff, an economist at Boston University, in his attention-grabbing essay on Medicare, Medicaid and Social Security entitled: "Is the United States Bankrupt?" Mr. Kotlikoff's answer is perhaps yes...

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