Press release
Credit Counseling May Prove Helpful For 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 one's income and expenses can be a fine start to gaining control of one's finances. Additional bankruptcy information is available at http://www.bankruptcylawyerschicago.com.
For additional contact information:
David Siegel
davidmsiegel@hotmail.com
http://www.bankruptcylawyerschicago.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Credit Counseling May Prove Helpful For Consumers Who File Bankruptcy here
News-ID: 1090 • Views: …
More Releases from David M. Siegel & Associates
Bankruptcy Filings Predicted to Rebound
The new bankruptcy law that generally went into effect on October 17, 2005 caused a feverish rush to file.
The period immediately after October 17th was drastically slow for consumer bankruptcy professionals throughout the United States. Bradford W. Botes, Executive Director for NACBA (National Association of Consumer Bankruptcy Attorneys) states that he is "confident that the rate of filings will pick back up during the first quarter of…
5 Common Misconceptions About Filing Bankruptcy
1. If you file for bankruptcy, you will lose all of your property.
This may be the biggest misconception surrounding filing for bankruptcy. Every person who filed can protect a certain amount of property while still eliminating all or a portion of their debt.
2. If you file for bankruptcy, everyone will know about it.
Unless the person is a celebrity, the fact of filing will not become generally known.…
Illinois' Homestead Exemption Doubles
Illinois Residents can now protect $15,000.00 worth of equity in their residences free from creditor attachments, levies and sales. On January 1, 2006, the Illinois Code of Civil Procedure was amended to provide a homestead exemption of $15,000.00 for an individual homeowner. Section 735 ILCS 5/Art. XII Pt. 9 (Exemption of Homestead) effectively doubles the exemption that could be applied to protect a homestead.
This long overdue increase will…
Your Repossessed Vehicle Can Still Be Recovered
Suffering through a repossession does not necessarily mean that the vehicle is lost. In fact, a repossessed vehicle is recoverable by its owner as long as the vehicle has not been auctioned off or sold by the finance company. There are however a few requirements that must be met in order to convince the auto finance company to cooperate with the return of the vehicle.
1. The vehicle…
More Releases for Bankruptcy
Austin Bankruptcy Lawyer Guides Clients Through Bankruptcy Filings In Texas
Austin Bankruptcy Lawyers in Texas offers personalized legal guidance for individuals facing overwhelming debt. An experienced Austin bankruptcy lawyer assists clients with Chapter 7 and Chapter 13 filings, ensuring legal compliance and support from filing to financial recovery.
Austin, TX - Austin Bankruptcy Lawyers is strengthening its efforts to provide comprehensive legal assistance and representation to Texans seeking a fresh financial start. Led by an experienced Austin bankruptcy lawyer, the firm…
New Jersey Bankruptcy Attorney Daniel Straffi Clarifies 401(k) Protections Durin …
New Jersey bankruptcy attorney Daniel Straffi (https://www.straffilaw.com/can-i-keep-my-401k-in-bankruptcy-in-nj/) of Straffi & Straffi Attorneys at Law provides essential information for individuals concerned about preserving retirement funds during bankruptcy. The detailed explanation focuses on how federal and New Jersey laws impact the protection of 401(k)s, IRAs, pensions, and other retirement accounts for those filing in the state. Many people fear losing retirement savings during bankruptcy, but legal safeguards allow for significant protection.
Understanding how…
Austin Bankruptcy Lawyers Help Clients Determine Bankruptcy Eligibility In 2025
Austin Bankruptcy Lawyers in Austin, TX, helps clients determine their 2025 bankruptcy eligibility. With updated legal standards and personalized consultations, the firm offers clear guidance to individuals seeking relief through Chapter 7 or Chapter 13 bankruptcy.
Austin, TX - As financial uncertainty continues to affect individuals and families, Austin Bankruptcy Lawyers are offering critical guidance to help clients understand their eligibility for bankruptcy protection under current federal and state regulations. With…
Austin Bankruptcy Lawyer Addresses Credit Score Impact Of Filing Bankruptcy
Austin Bankruptcy Lawyers explains how filing for bankruptcy affects credit scores and offers guidance to rebuild financial health. The firm's Austin bankruptcy lawyer provides legal support and personalized strategies to help individuals take informed steps toward a more stable financial future.
Austin, TX - Many people in Austin, Texas, hesitate to file for bankruptcy because they fear the long-term damage it may cause to their credit score. However, Austin Bankruptcy Lawyers…
New Jersey Bankruptcy Lawyer Daniel Straffi Explains Emergency Bankruptcy in New …
New Jersey bankruptcy lawyer [https://www.straffilaw.com/new-jersey-emergency-bankruptcy-lawyer/] Daniel Straffi of Straffi & Straffi Attorneys at Law has published an informative article discussing emergency bankruptcy in New Jersey. The article explains how emergency bankruptcy filings work, the situations in which they may be necessary, and the legal protections they provide.
Filing for bankruptcy can be a difficult decision, but in some cases, it becomes urgent. The New Jersey bankruptcy lawyer explains that emergency bankruptcy…
Bankruptcy Petition Preparers Bust Myths About Chapter 7 Bankruptcy
Image: https://www.getnews.info/wp-content/uploads/2024/10/1729100948.png
Discover the truth about Chapter 7 bankruptcy. Our experts debunk common misconceptions and provide clear guidance on the process.
Chicago, IL - Oct 21, 2024 - Bankruptcy petition preparers are dispelling common misconceptions about Chapter 7 bankruptcy, emphasizing that individuals can often obtain credit relatively soon after filing and achieve a true fresh start.
Contrary to popular belief, Chapter 7 bankruptcy does not necessarily bar individuals from obtaining credit for an…
