Kothari Law Firm calls on President Obama & Congress to pass bankruptcy reform immediately

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 29, 2009 -- Kothari Law Firm, a law firm practicing bankruptcy law in Atlanta, Georgia, calls on President Obama and Congress to pass bankruptcy reform immediately. This reform is necessary to improve the ailing American economy.

"In 2005, President Bush and Congress passed BAPCA into law. This bankruptcy reform has, unfortunately, proven to be bad policy. Immediate bankruptcy reform is necessary.

Several policy changes should be made. One is that bankruptcy judges should be allowed to modify primary home mortgages to allow homeowners to stay in their home. Having this power will be a carrot for lenders to negotiate outside of bankruptcy and help stem the flood of foreclosures that face the American economy today.

Another policy reform should be expanding those who can file for Chapter 7 protection. The current means test is unworkable and unfair in many instances.

A third policy reform should be waiving the credit counseling course requirements for elderly citizens.

A fourth policy reform should be allowing individuals to file for Chapter 7 bankruptcy five (5) years after a previous discharge."

Kothari Law Firm believes that these reforms in our bankruptcy framework would be very helpful to consumers and help alleviate the severe debt problems facing the American economy today. Sundeep Kothari states, "The sooner meaningful bankruptcy reform is enacted, the sooner consumers can rebuild their credit and their lives, and start spending to help our ailing economy."

Kothari Law Firm is a debt relief agency helping people file for bankruptcy protection under the bankruptcy code.

More information can be found online at http://www.klfpc.com

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