The new bankruptcy law goes into effect on October 17. It requires consumers to attend financial counseling before filing for bankruptcy.
July 7, 2005 (Press Release) --
June 1, 2005, West Palm Beach, Fl. — An opinion poll found that a majority of Americans think it is acceptable to have outstanding debt- credit cards, cell phones and utility bills for example- and that they do not have to pay it back.
With the new bankruptcy legislation taking effect on October 17, 2005 more responsibility will be placed on the consumer to pay back his or her debt instead of filing bankruptcy.
“The number of personal bankruptcies has surged during the past decade,” said Charlie Fetscher, chief operating officer of Credit Card Management Services, Inc. “This law will discourage frivolous, repetitive and even deliberate bankruptcies, which everyone pays for in higher fees and higher interest rates.”
An April 2005 public opinion poll conducted by KRC Research for the Association of Credit and Collection Professionals International showed that 72 percent of Americans think that over the past decade it has become more acceptable for consumers to not pay their debt.
The new legislation requires consumers to attend credit counseling and to meet certain income criteria, which is based on their state’s average income, before they can file for bankruptcy.
“People struggling with suffocating debt because of a lost job, severe medical expenses or some other personal crisis will have all the traditional protections of the courts to get a fresh start,” Fetscher said.
Credit Card Management Services, Inc is a nonprofit organization dedicated to providing compassionate, professional debt management counseling and education. For more information visit www.debthelper.com or call 1-800-920-2262
With the new bankruptcy legislation taking effect on October 17, 2005 more responsibility will be placed on the consumer to pay back his or her debt instead of filing bankruptcy.
“The number of personal bankruptcies has surged during the past decade,” said Charlie Fetscher, chief operating officer of Credit Card Management Services, Inc. “This law will discourage frivolous, repetitive and even deliberate bankruptcies, which everyone pays for in higher fees and higher interest rates.”
An April 2005 public opinion poll conducted by KRC Research for the Association of Credit and Collection Professionals International showed that 72 percent of Americans think that over the past decade it has become more acceptable for consumers to not pay their debt.
The new legislation requires consumers to attend credit counseling and to meet certain income criteria, which is based on their state’s average income, before they can file for bankruptcy.
“People struggling with suffocating debt because of a lost job, severe medical expenses or some other personal crisis will have all the traditional protections of the courts to get a fresh start,” Fetscher said.
Credit Card Management Services, Inc is a nonprofit organization dedicated to providing compassionate, professional debt management counseling and education. For more information visit www.debthelper.com or call 1-800-920-2262
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