Posted by --FYI-- on 6/20/05 10:59am
Msg #46137
New Bankruptcy Law info: RE: VR Earlier Post
**UPDATE**
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
New Bankruptcy Law Effective October 17, 2005
The new sweeping Bankruptcy Bill was signed into law by President Bush on April 20, 2005. The bulk of the provisions in the new law go into effect on October 17, 2005. Based on one's income, the new law may prevent many debtors from filing for bankruptcy protection under Chapter 7 ("straight bankruptcy"), forcing them instead into a Chapter 13 (5-year repayment plan). This new legislation substantially overhauls the Bankruptcy Laws that are currently in effect. The ability to discharge consumer debt and obtain a "fresh start" will become much more difficult after October 17, 2005. Changes such as "Means Income Testing" for those considering a Chapter 7 Bankruptcy, mandatory consumer credit counseling, IRS guidelines for "reasonable and necessary expenses", limiting the types of debts that can be discharged, and changes to the Homestead Exemption are some of the changes that will be implemented. In fact, changes to the Homestead Exemption went into effect on April 20, 2005. If you are seriously considering filing for bankruptcy, you need to be well informed. The new Bankruptcy Law may impact on your ability to file, to discharge consumer debts, and to obtain a fresh start. Please call or email us today if you have any questions.
|
Reply by ERNA_CA on 6/20/05 5:07pm
Msg #46272
Carol,hopefully many will see it and not spend their money just to find out it was waisted.
We don't only have to watch out for SS's that don't pay us but also for useless classes and seminars, but such is the business world, everyone out to make a buck.
|
