"You can kill a man but you can't kill an idea."Medgar Evers
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The Time Value of Money
Life is about decisions, whether they relate to your work, business or personal life. Often ignored is the interplay between all these areas, and the fact that a little interdisciplinary thinking can go a long way. This might sound obtuse, but many ...
Website Promotion – Where to Get Ideas for Writing Articles
Some six weeks ago, I began writing and submitting articles to free content sites in order to promote the six commercial Websites I own. The results have been both swift and dramatic, and the number of links from external Websites to my own Websites has ...
When to Choose a Cash Payout for Your Structured Settlement
Structured settlements have been a popular choice for many claimants. Be it for a settled lawsuit or damage claims or maybe for policy payments for a life insurance policy. Structured settlements allow for a structured payment of a settlement to be made ...
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Most Americans are aware of the sweeping changes in U.S. bankruptcy law that were made by Congress recently. These changes, strongly supported by the credit card industry, were designed to make it more difficult for Americans to file for bankruptcy under Chapter 7 of the Federal bankruptcy code. Chapter 7 allows consumers to essentially have all of their debts wiped away by the court. While many people will still be able to file under Chapter 7, many more will have to file under Chapter 13, which requires the establishment of a repayment plan. A less publicized provision of the bankruptcy bill is the one that requires debtors who are considering filing for bankruptcy to first undergo credit counseling. What does this mean for consumers?
Actually, the details are not yet known. The law, which takes effect on October 17, 2005, does require that debtors considering bankruptcy receive credit counseling at least six months before filing for bankruptcy. The law also requires that they receive additional counseling before the case is finalized and that any agency providing counseling services must charge an undefined “reasonable fee.” Other than that, there are no details yet. The portion of the law that deals specifically with credit counseling hasn't yet been written, and the full details are not expected to be released until mid-summer. Even those who work in the credit counseling industry do not know what will be expected of them once the law takes effect.
For consumers with problem debt, this confusion is only making a bad situation worse. In the Fall, more steps will be required of those filing for bankruptcy, but no one knows what those steps are, what they will cost, or how involved they will be. Anyone who has a current financial situation that they feel may lead to bankruptcy would be well advised to consider filing now. Bankruptcy should be considered a last resort for those with problem debt, as a bankruptcy filing will stay on a credit report for at least ten years. If bankruptcy appears inevitable, however, filing now will probably be easier, cheaper, and faster than filing after the new law takes effect in October.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and StructuredSettlementHelp.com, a site devoted to information on structured settlements.
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Transamerica Violates Annuity Exemption In TexasMarketWatch (press release)A lawsuit in Texas has accused Transamerica Life Insurance Company of violating Texas law exempting annuity benefits, reports the Structured Settlement Institute. In the suit (Cause No. 2011-05238, FinServ Casualty Corp. and Capstone Associated ...and more » |
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JG Wentworth Sued For Deceptive Trade PracticesSacramento BeeBy Structured Settlement Institute BOCA RATON, Fla., May 17, 2012 -- /PRNewswire-USNewswire/ -- JG Wentworth parent JGWPT Holdings has been accused of engaging in widespread deceptive trade practices in a recently filed lawsuit.and more » |
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