Bankruptcy Reform

There are some new bankruptcy laws going into effect before long and many think they are much needed. Of course, that depends on which side of the bankruptcy you are a part of. Creditors are going to be the ones to benefit from the new laws, but there may be some helpful regulations for those filing for bankruptcy as well.

The new bankruptcy code requires certain filing procedures that do seem beneficial for the consumer. For instance under the new bankruptcy code, a consumer is required to take a financial counseling course within the 6 months prior to filing for bankruptcy. Financial counseling may lend to a person deciding that bankruptcy is not actually the best option for them. Most people don't even take this step before heading straight for the bankruptcy lawyer. This requirement may save many consumers from making a rash decision.

If your current monthly income is more than the median in your state then there are other factors to consider before you can file for bankruptcy. By multiplying your current monthly income, minus expenses, by 60, you get what is referred to as the result. If the result is less than $6000 or 25% or less of your unsecured debt amount, then you can file for chapter 7 bankruptcy. If it is 25% or more of your unsecured debt, or $10,000 or more, then you are required to file for chapter 13 bankruptcy.

A financial management course is required after you have filed for bankruptcy and prior to the bankruptcy discharge. There are financial management tools that can help you to avoid landing yourself in bankruptcy court a second time.

Obviously, bankruptcy reform is intended to cut down on the number of bankruptcies. This is a realistic goal when you put these factors into play. It may not make for very happy consumers, but the creditors are certainly going to be in a much better position.

Timothy Gorman is a successful webmaster and publisher of Debt-Relief-Solutions.com. He provides more debt relief, consolidation and bankruptcy as an option information that you can research in your pajamas on his website.

---

How to Get Triple A Credit in 25 Days

Good credit is everyone's dream. A wise use of credit... Read More

Solutions to Single Mothers in Debt

As a single mother, lets admit it, times get tough.... Read More

Is Independence Overrated?

Happy Independence Day from The Money Motivator!If you don't celebrate... Read More

New Bankruptcy Law ? Targeting the Wrong People?

Last April, President Bush enthusiastically signed into law the oddly-named... Read More

Whatever You Do....Dont Save Money!

No, that's not a misprint. Even though falling interest rates... Read More

Bankruptcy Abuse

Bankruptcy is little more than a smack on the hand... Read More

Credit And Debt Relief--A One Stop Solution

Amy Wright, 34, was extatic when her realtor showed her... Read More

IVA: Individual Voluntary Arrangement

What Is an IVAThe IVA (Individual Voluntary Arrangement) was introduced... Read More

IVA Information

If you're thinking about an IVA, it is essential to... Read More

The Effects of Consumer Debt

Consumer Borrowing Consumer borrowing in the UK has now crashed... Read More

How To Pay Credit Card Debt Off

If you are determined to pay credit card debt off... Read More

Debt and Financial Optimism in the UK Continue

With £1.3 trillion pounds worth of debt in the UK,... Read More

What is Debt Settlement and How Does it Work?

Debt settlement involves negotiating with a creditor or creditors to... Read More

New Bankruptcy Law Makes it Harder to Stop Foreclosure

On October 17, 2005 President Bush's sweeping bankruptcy reform law... Read More

Debt Elimination 3

Planning To Achieve Debt EliminationOnce you have started the process... Read More

Help to Get Out of Debt

Debt Help is the stepping stone to debt elimination and... Read More

Bankruptcy - Is It The Right Choice For You?

Bankruptcy is one of the tougher choices we as adults... Read More

Credit Card Debt Elimination

Credit card debt elimination can be done with a good... Read More

Dont Let The Good Times Bury You

It is vital to get rid of debt while things... Read More

Learn The Five Key Debt Reduction Steps You Must Take Immediately!

Step 1. The purpose of this first step is to... Read More

Corporate Debt Management ? Perspective on the Why

Entrepreneurs have a tough time in their formative years. They... Read More

Individual Voluntary Arrangements- A New Alternative to Bankruptcy

This May, the Department of Trade and Industry in the... Read More

What You Should Know About Bankruptcy

Filing bankruptcy is not only a last resort legal action;... Read More

Bankruptcy Reform: Designed to Protect Big Business

Who will benefit from the new bankruptcy reform laws? The... Read More

Credit Card Debt Freedom is Possible

Credit card debt have you drowning financially? You're not alone.... Read More

How to Reduce Your Debt in 5 Easy Steps

If you have incurred substantial personal debt, consider these options:... Read More

Help for the Single Mother with Managing Credit and Debt

Today's consumers benefit drastically from the usefulness of credit. Credit... Read More

Learn The 15 Debt Elimination Steps You Must Take Immediately!

What Everybody Needs To Know...Learn The Truth About Debt Elimination... Read More

Tips To Take Control Of Debt Collection

Yes, debt collection tips can help. You may think you... Read More

What Are The Benefits and Consequences Of Getting Rid Of Debt The Easy Way

We have all experienced getting so far in debt we... Read More

Bad Credit Home Loan To Get You Out Of Debt

A "bad credit home loan" can help you climb your... Read More

Credit Card Debt & the Unfairness of the Universal Default Clause

Let's look at a real world example: A woman purchased... Read More

How to Avoid Bankruptcy

Bankruptcy is a legal way to offer folks with high... Read More