Credit Counseling May Prove Helpful To Consumers Who File Bankruptcy
The Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 (BAPCPA) became generally 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 given a credit counseling briefing within 180 days prior to filing. This briefing must be provided by a non-profit budget and credit counseling agency approved by the United States Trustee or bankruptcy administrator. One of the important aspects of this briefing is that the individual will be performing a budget analysis. This may be the first time that the individual actually took the time to itemize his income and expense information. Most debtors who are filing for bankruptcy are spending in excess of what they are earning per month. The budget analysis provides an opportunity to easily determine where outflow is going and to make adjustments in the future.
Originally thought to be a burden by bankruptcy professionals, credit counseling has proven to be rather simple. An individual can receive the briefing on the telephone or on the internet. David Siegel, Chicago bankruptcy attorney and American Bankruptcy Institute member, has been recommending the services of Consumer credit Counseling Service of Greater Atlanta, Inc. (CCCS) to his clients. Their internet site at http://www.cccsinc.org is easy to navigate through and is always available 24/7.
Congress had hoped that by requiring credit counseling and debtor education to all individual filers, the number of repeat filings would decrease. It will take years to determine if that becomes the end result. In the meantime, the required examination of ones income and expenses can be a fine start to gaining control of ones finances. Additional bankruptcy information is available at http://www.bankruptcylawyerschicago.com.
For additional contact information: David Siegel davidmsiegel@hotmail.com http://www.bankruptcylawyerschicago.com
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