The impact of these new bankruptcy laws on credit card companies is evident. The measure will include the duration of the compensation on the existing stability at the payment minimum rate of interest. The new law stipulates that the filer's income must be at or below the state median, and if it exceeds a certain threshold, you will be ineligible to file for bankruptcy.
Due to liability concerns associated with the implementation of these new rules, attorneys will increase their fees and costs. This is due to the fact that attorneys will need additional time to ensure that they comply with all filing and processing requirements and do not violate the new regulations. This form of debt relief will be more expensive for those filings. Filing for bankruptcy will eliminate a substantial portion of your debts, but it will leave a permanent negative imprint on your credit rating for ten years.
The new law also requires the debtor to undergo a credit analysis with an agency authorized by the office of the United States Trustee. The analysis would determine whether you must file for bankruptcy or develop a repayment plan that must be presented to the court at the time of filing. Additionally, the borrower must provide a certificate proving that he has completed counseling.
In the final phase of the bankruptcy proceeding, the debtor is also required to present a personal financial management strategy to the counseling center. Numerous debt relief programs are on the market, so it would be prudent to consult a debt relief specialist to determine which option makes the most financial sense. Whether you need credit counseling, debt settlement, debt consolidation, or bankruptcy, a debt relief expert can guide you in the right direction.""
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