Utah, the Nation’s Bankruptcy Capital

Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection Act, designed to minimize frivolous bankruptcy filings and to require debtors to repay some of their debt. Once it takes effect in October, 2005, the law will make it harder for those with problem debt to have their debt wiped away by the courts. Most will have to agree to a five-year repayment plan. In passing this new law, members of Congress suggested that our bankruptcy courts are filled with cases involving not ordinary citizens, but with reckless gamblers, shoppers, and drug abusers. Is that really the case?
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New Bankruptcy Law – Targeting the Wrong People?

Last April, President Bush enthusiastically signed into law the oddly-named Bankruptcy Abuse and Consumer Protection Act. This bill, representing the biggest overhaul of bankruptcy law in twenty-five years, was written in order to discourage “bankruptcy of convenience.” Proponents of the bill, which included the credit card industry, say that the bill is necessary in order to stop an avalanche of bankruptcy filings by drug users and compulsive shoppers and gamblers. The law makes it harder to have debts wiped away, requires credit counseling for those considering bankruptcy, and holds attorneys responsible for paperwork errors by their clients in bankruptcy cases. The net result will probably be chaos, as fewer attorneys will handle bankruptcy cases, credit counselors will raise their fees, and more consumers with problem debt will be clueless as to what they should do next. Adding to the confusion are some new statistics that suggest that a large number of bankruptcies that are thought to be personal are actually business bankruptcies. As a result, the new law may be unfairly targeting consumers for punishment when they are not actually the biggest part of the problem. Worse, it could be harming small businesses.
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Bankruptcy Facts

Knowing that you need to better understand this topic I recommend that you take five minutes to read what we have to say. Since bankruptcy is a place that seems to be hit more people it is best to know some bankruptcy facts. These facts can help you to understand what happens when you claim to be bankrupt. The first fact that you will need to interpret is that filing for bankruptcy is not the end of the world.
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Bankruptcy Alternatives - 5 Ways to Avoid Bankruptcy

In today's debt ridden society many people are in severe financial difficulties, often for reasons outside their control. Bankruptcy for many, is the last step in a long road of financial pressures but many opt for this solution too early and without considering suitable bankruptcy alternatives. Whilst bankruptcy may get rid of the immediate pressures it isn't necessarily the end of the problems.
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Comments on bankruptcy filings

!xobile
Date: 2008-01-11 11:29:21

A buyout of hobbled mortgage lender Countrywide Financial likely would be approved by regulators, analysts say, because otherwise the company could file for bankruptcy, injecting further uncertainty into the home-loan market.

Thanos
Date: 2008-01-11 11:29:21

It may be time to consider getting a personal consolidation loan instead of filing bankruptcy.

wholesale financeparts
Date: 2008-01-11 11:29:21

THE pioneer owner of virtual world Second Life's most groundbreaking real estate business, Anshe Chung Studios, has been declared bankrupt. Ailin Graef, 34, of Frankfurt, Germany, filed for bankruptcy in Frankfurt Court on January 09. Her business, based....

Finance nut
Date: 2008-01-11 11:29:21

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.

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