Credit Counseling ? Congress Offers No Details in New Law
The recently passed Bankruptcy Abuse and Consumer Protection Act was hailed as a breakthrough in bankruptcy law. Passed with bipartisan support in Congress and signed enthusiastically by President Bush, the law creates sweeping changes in debt law and will make it much more difficult for debtors to have their obligations swept away by the courts. A major requirement of the new law will require that anyone considering filing for bankruptcy to first undergo credit counseling. The idea is sound; anyone with problem debt can probably benefit from some discussions about money management. There's just one problem ? Congress failed to include any details in the bill about what, exactly, constitutes credit counseling.The credit counseling industry, which includes for-profit as well as nonprofit organizations, has been through some hard times lately.
The Federal Trade Commission has been investigating some firms that have claimed to be nonprofit but were actually steering their clients into pricey debt consolidation plans run by for-profit affiliates. These high-profile cases have left a dark cloud hanging over the industry. With the new legislation set to take effect this October, many consumers have questions about the nature of the counseling requirements. Who will pay for it, and what sorts of fees are acceptable? The bill doesn't say whether the debtors themselves or their creditors will pay the counseling fees or how much the service should cost. The law only states that the fees must be "reasonable" and that the services should be available even if the debtor cannot afford to pay.
The thought of being forced to provide counseling to customers who cannot pay has justifiably angered the counseling industry. Even nonprofit agencies have overhead and typically charge some sort of fee.Who qualifies as a counselor? As "credit counselor" is a vague term with no real legal meaning, anyone might be able to place a sign on a building and call himself or herself a credit counselor. Is that what Congress had in mind? The US Trustee Program is in charge of making all of these determinations, and the department is said to be compiling a list of "approved" agencies. Presumably, the Trustees will also be examining these other issues and providing guidelines before the law takes effect. In the meantime, both debtors and counselors are concerned as thousands of Americans will be seeking advice for their debt problems come October.
By then, with a little luck, consumers with problem debt will have some way of knowing whom they should call before filing for bankruptcy..
© Copyright 2005 by Retro Marketing.Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and http://www.homeequityhelp.net, a site devoted to information regarding home equity lending.
The Year of the Synthetic CDO - No Holds Barred
(ContentDesk) September 1, 2005 -- 2005 has been a banner year for the derivatives industry.
The growth in derivatives trading has been exponential, especially in the area of credit derivatives driven by the investment zeal of hedge funds worldwide.
So far this year, the average dealer is at a pace to have more than doubled the number of credit derivatives trades as handled last year, and the number of 2004 trades was already a doubling over 2003 volume.
While as recently as July 27, 2005, policy makers like the Credit Risk Management Policy Group II cautioned restraint on the "undisciplined" use of complex derivative products, recent legislation in the derivatives product area in the United States makes derivatives trading all the more enticing.Buried in recent bankruptcy legislation to take effect on October 17, 2005, under Title IX of the U.S. Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the "Act"), is a statutory safe-harbor from the...
Bankruptcy > The Year of the Synthetic CDO - No Holds Barred
Web Site Launched for Crime Victim in Wake of Attacker's Pre-Emptive Bankruptcy Claim
When someone who has pled guilty to malicious crimes causing bodily injury to others, they can file for bankruptcy to escape ever facing a judge or jury for any civil penalties and force their victims into even greater poverty. Yet the bankruptcy reform legislation currently being considered by Congress does nothing to address this. The case of Pastor vs. Mawhinney may provide one of the clearest illustrations of the problem.On August 2, 2004, Raymond Mawhinney (a.k.a., "Ray Argyle," lead singer of the San Diego-based band "Plastic Explosive" and son of nationally recognized child psychiatrist Dr. Joseph Mawhinney,) pled guilty to a misdemeanor aggravated battery, although he was charged with felony assault and battery with serious bodily injury.
The person he admitted attacking, Douglas Pastor, was hospitalized twice for a total of ten days and endured over a year of life-threatening complications and corrective surgeries, remains unable to work and has become impoverished. Granted...
Web Site Launched for Crime Victim in Wake of Attacker's Pre-Emptive Bankruptcy Claim
Bankruptcy > Web Site Launched for Crime Victim in Wake of Attacker's Pre-Emptive Bankruptcy Claim
Bad Credit Mortgage Loans Online - How Your Fico Credit Score Can Affect Your Loan Approval
When applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will help you know what to expect from mortgage lenders.With a credit score below 585, you will need to put at least 10-20% as a down payment on the property. You will not likely be approved for 100% financing at this point.If you have a credit score of between 585-599, you will probably need around a 5% down payment in order to get an approval for a home mortgage loan. You will still need to get your approval from a subprime mortgage lender. You will need to use a lender who specializes in loans for people with "less than perfect credit" or situations that make it difficult for a person to get financing for their home.If you have a credit score of 600 - 620, you will probably be able to get an approval for 100% financing.
You will also, in this situation, still need to use a subprime lender.With a credit score of 620 or higher, you may be able...
Bad Credit Mortgage Loans Online - How Your Fico Credit Score Can Affect Your Loan Approval
Bankruptcy > Bad Credit Mortgage Loans Online - How Your Fico Credit Score Can Affect Your Loan Approval
After Bankruptcy Reform, Consumers Are Now Learning How to Discharge Debt
Hoschton, GA (ContentDesk) November 28, 2005 -- Thanks to the new bankruptcy reform laws, many Americans who are overburdened by their credit card debt will no longer qualify for Chapter 7 bankruptcy protection.
However, consumers need to know that an alternative exists for people to walk away from 100% of that debt.The process that is used to discharge debt is based off of U.S. Supreme Courts decisions, Title 15 United State Code (USC) section 1692, the Fair Debt Collections Practices Act, section 1601, the Fair Credit Billing Act, the Uniform Commercial Code (UCC), section 203, and numerous Banking and Lending laws.There are many cases that have already been decided on when it comes to the issues of money, credit, and banking.
The collection of interest on credit issued by a bank or a credit card company is in direct violation of all usury laws.
In addition, the United States Supreme Court has ruled time and again against the legal authority for banking institutions...
Bankruptcy > After Bankruptcy Reform, Consumers Are Now Learning How to Discharge Debt
Credit Counseling ? Six Tips to Avoid Counseling Scams
Credit counseling is a useful service for anyone with problem debt. A good counseling agency can provide advice regarding money management and debt consolidation. They can also help arrange a repayment plan with your creditors to help you get out of debt. A bad agency can charge excessive fees, pocket money that was intended to pay your bills, and steer you into greater debt than before. Predatory credit counseling has become a multibillion dollar industry, and with the recent passage of the Bankruptcy Abuse and Consumer Protection Act, credit counseling will soon become mandatory for anyone filing for bankruptcy.
How can you avoid becoming a victim of credit counseling scams? How can you choose a helpful and reputable credit counselor? Here are a few tips that can help you avoid becoming a victim of predatory agencies:
Bankruptcy > Credit Counseling ? Six Tips to Avoid Counseling Scams
2nd-to-no-1-in-loans.com Helps Consumers Find Correct Information, Advice and High Quality, Individually Selected Companies That Meet All Their Loan Needs
For the past couple of years, interest rates for 15-year and 30-year fixed home loans have hit an all-time low, allowing more consumers to be able to afford to buy a home. But, with the rates staying low, some renters who want to be homeowners do not know how to start the process to buy a home because there are so many different loan programs, services and companies. That's why Glenn Sarault, owner of SunBright Publishing, launched http://2nd-to-no-1-in-loans.com this week. "We've taken the time to find companies who offer many types of loans. We were also successful in finding companies who are able to assist with the difficult decisions around bankruptcy.
You'll be happy with your connection to select companies offering assistance andoutstanding rates on whatever type of loan you may need," Sarault said.http://2nd-to-no-1-in-loans.com helps consumers locate...
2nd-to-no-1-in-loans.com Helps Consumers Find Correct Information, Advice and High Quality, Individually Selected Companies That Meet All Their Loan Needs
Bankruptcy > 2nd-to-no-1-in-loans.com Helps Consumers Find Correct Information, Advice and High Quality, Individually Selected Companies That Meet All Their Loan Needs
Car Loans After Bankruptcy - Tips To Getting Approved
A car loans after a bankruptcy is one way to help build back your credit history. In fact, once your bankruptcy closes, you can apply for a car loan the next day. To get approved with the best rates for your car loan, follow these tips.Review Your Credit ReportBefore you start applying for a car loan, check out your credit report and make sure all your accounts are in order. It is not uncommon after a bankruptcy to see open accounts that should be closed, which hurt your credit rating.While looking at your credit report, consider adding a page explaining the situation that resulted in your bankruptcy. If there were extenuating circumstances, lenders may approve you for a better rate than under normal conditions.Plan Your Car PurchaseBefore purchasing a vehicle, decide what you can afford in a monthly car loan payment.
This will help you decide which financing package is best for you. Both the loan amount and length of payments will determine your monthly payments, so there is...
Car Loans After Bankruptcy - Tips To Getting Approved
Bankruptcy > Car Loans After Bankruptcy - Tips To Getting Approved
Web Site Launched for Crime Victim in Wake of Attacker's Pre-Emptive Bankruptcy Claim
When someone who has pled guilty to malicious crimes causing bodily injury to others, they can file for bankruptcy to escape ever facing a judge or jury for any civil penalties and force their victims into even greater poverty. Yet the bankruptcy reform legislation currently being considered by Congress does nothing to address this. The case of Pastor vs. Mawhinney may provide one of the clearest illustrations of the problem.On August 2, 2004, Raymond Mawhinney (a.k.a., "Ray Argyle," lead singer of the San Diego-based band "Plastic Explosive" and son of nationally recognized child psychiatrist Dr. Joseph Mawhinney,) pled guilty to a misdemeanor aggravated battery, although he was charged with felony assault and battery with serious bodily injury.
The person he admitted attacking, Douglas Pastor, was hospitalized twice for a total of ten days and endured over a year of life-threatening complications and corrective surgeries, remains unable to work and has become impoverished. Granted...
Web Site Launched for Crime Victim in Wake of Attacker's Pre-Emptive Bankruptcy Claim
Bankruptcy > Web Site Launched for Crime Victim in Wake of Attacker's Pre-Emptive Bankruptcy Claim
Appetite be Gone with Hoodia Gordonii by Millennium Health Supplements (Canada)Inc.
Millennium Health Supplements (Canada) Inc. is introducing 100% Pure Hoodia Gordonii directly from South Africa.Hoodia Gordonii's revolutionary properties will take the multi-billion dollar diet industry by storm, after much research by South African scientists and western pharmaceutical companies have proven that Hoodia has no known side effects and no stimulants.Hoodia Gordonii grows in the high deserts of the Kalahari Desert region of South Africa where temperatures reach as high as 50 degrees...
Bankruptcy hoodia Credit Counseling ? Congress Offers No Details in New Law
Bankruptcy > Appetite be Gone with Hoodia Gordonii by Millennium Health Supplements (Canada)Inc.
Staffing Agency, Aerotek, Acquires Affiliate Staffing Company
(ContentDesk) March 17, 2006 -- Aerotek and affiliate staffing agency, Mentor 4, both operating companies of Allegis Group, Inc. have joined forces to create a stronger, more aligned organization. As a critical step in the integration, Mentor 4s name has been changed to Aerotek Professional Services. Mentor 4s service offerings, which...
Bankruptcy financial planning
Bankruptcy > Staffing Agency, Aerotek, Acquires Affiliate Staffing Company
Sprague Brothers Hits Now Available as Ringtones
New Ringtone store featuring music from rock'n'roll artists opened by Wichita Falls Records. Wichita Falls Records Announces Ringtones Availability; All of your favorite Sprague Brothers songs from our label on your cell phone!Today Wichita Falls Records announced immediate availability of ringtones from all of its artists, enabling customers to download from their new ringtone store Wichita Falls Mobile.tripod.com . The availability of ringtones from such well-received and popular albums as The...
Sprague Brothers Hits Now Available as Ringtones Bankruptcy ringtones Credit Counseling ? Congress Offers No Details in New Law
Bankruptcy > Sprague Brothers Hits Now Available as Ringtones
A Welcoming Entrance to the Holidays
The entrance to your home sets the stage for family, guests, and neighbors to join in the festivities you have planned for the Holiday Season. To newcomers - it is the very first impression. To others - it is a reminader of the care and attention to detail that you hve lavished on the Holidays. Your entrance announces to the outside world your celebration of the Season. All doors have architectural designs that compliment the home they are attached to.
The most impressive decorations follow...
fruit A Welcoming Entrance to the Holidays
Bankruptcy > A Welcoming Entrance to the Holidays
Bankruptcy
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