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Structured Settlements Are Payments Made To An Injured Consumer By The Insurance Company From Where The Person Has Bought His Policy. In Other Words, The Person Is Prohibited From Receiving Payments In One Lump Sum. Welcome To SettlementInfo.net. As
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Revealed: When To Sell Your Structured Settlement
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Hot Topic: Viatical Settlement, What You Need To Know
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Everything You Must Know About Structured Settlements, Viatical Settlement, And Structured Settlement Payments.
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Mandatory Credit Counseling for Those Considering Bankruptcy
Author: Charles Essmeier
Most Americans are aware of the sweeping changes in U.S. bankruptcy law that were made by Congress recently. These changes, strongly supported by the credit card industry, were designed to make it more difficult for Americans to file for bankruptcy under Chapter 7 of the Federal bankruptcy code. Chapter 7 allows consumers to essentially have all of their debts wiped away by the court. While many people will still be able to file under Chapter 7, many more will have to file under Chapter 13, which requires the establishment of a repayment plan. A less publicized provision of the bankruptcy bill is the one that requires debtors who are considering filing for bankruptcy to first undergo credit counseling. What does this mean for consumers?
Actually, the details are not yet known. The law, which takes effect on October 17, 2005, does require that debtors considering bankruptcy receive credit counseling at least six months before filing for bankruptcy. The law also requires that they receive additional counseling before the case is finalized and that any agency providing counseling services must charge an undefined “reasonable fee.” Other than that, there are no details yet. The portion of the law that deals specifically with credit counseling hasn’t yet been written, and the full details are not expected to be released until mid-summer. Even those who work in the credit counseling industry do not know what will be expected of them once the law takes effect.
For consumers with problem debt, this confusion is only making a bad situation worse. In the Fall, more steps will be required of those filing for bankruptcy, but no one knows what those steps are, what they will cost, or how involved they will be. Anyone who has a current financial situation that they feel may lead to bankruptcy would be well advised to consider filing now. Bankruptcy should be considered a last resort for those with problem debt, as a bankruptcy filing will stay on a credit report for at least ten years. If bankruptcy appears inevitable, however, filing now will probably be easier, cheaper, and faster than filing after the new law takes effect in October.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and StructuredSettlementHelp.com, a site devoted to information on structured settlements.
Article Keywords:
Structured Settlements |
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A Quick Note
From The Publisher...
If you like the article above, you may be
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The Time Value of Money |
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Life is about decisions, whether they relate to your work,
business or personal life. Often ignored is the interplay
between all these areas, and the fact that a little
interdisciplinary thinking can go a long way. This might sound
obtuse, but many important decisions can be made easier by
thinking simply, and a bit differently.
Before we do, a note about value, and 'utility'. Business is
about creating value. Our personal lives (according to
economists) are about maximizing our utility, where utility is
simply a measure of the happiness or satisfaction gained from a
good or service.
Think of it this way, and business is considered first. If
shareholders (either owners or investors) could create more
value themselves using other means, why bother running or
investing in a business? Assuming we don't all have a perpetual
income stream it comes back to this - if you don't create value
in today's economy, you'll be forced to do one of two things.
Change how you... |
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