Released on: 10, December 2005
, Author: David M. Siegel & Associates
, Audience: Internet related
FOR IMMEDIATE RELEASE:12/14/05
Credit Counseling May Prove Helpful To Consumers Who File Bankruptcy
The Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 (BAPCPA) becamegenerally effective as to all bankruptcy cases filed on or after 10/17/05.
Under new Section 109(h), an individual can only be a debtor under (BAPCPA) if givena credit counseling briefing within 180 days prior to filing. This briefing must beprovided by a non-profit budget and credit counseling agency approved by the UnitedStates Trustee or bankruptcy administrator. One of the important aspects of thisbriefing is that the individual will be performing a budget analysis. This may bethe first time that the individual actually took the time to itemize his income andexpense information. Most debtors who are filing for bankruptcy are spending inexcess of what they are earning per month. The budget analysis provides anopportunity to easily determine where outflow is going and to make adjustments inthe future.
Originally thought to be a burden by bankruptcy professionals, credit counseling hasproven to be rather simple. An individual can receive the briefing on the telephoneor on the internet. David Siegel, Chicago bankruptcy attorney and AmericanBankruptcy Institute member, has been recommending the services of Consumer creditCounseling Service of Greater Atlanta, Inc. (CCCS) to his clients. Their internetsite at http://www.cccsinc.org is easy to navigate through and is always available24/7.
Congress had hoped that by requiring credit counseling and debtor education to allindividual filers, the number of repeat filings would decrease. It will take yearsto determine if that becomes the end result. In the meantime, the requiredexamination of one's income and expenses can be a fine start to gaining control ofone's finances. Additional bankruptcy information is available athttp://www.bankruptcylawyer schicago.com.
For additional contact information:David Siegeldavidmsiegel@hotmail.co mhttp://www.bankruptcylawyers chicago.com
Source: Express-Press-Release.com
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