| |
| |
| Debt Relief Information | |
|
|
|
Bankruptcy Reform: Designed to Protect Big Business
Who will benefit from the new bankruptcy reform laws? The financial services industry and other big business groups, that's who. These groups contributed millions of dollars to elect Bush and other Republican candidates in 2000 and 2004, with the goal of overhauling the bankruptcy system. They and other big business groups have continued to spend millions, rage arguments and lobby persistently for bankruptcy reform. In March 2005, with the House and Senate loaded top heavy with Republicans, they succeeded. The financial services industry includes the banks, credit unions, the American Bank Association, credit card companies and retailers. Big business groups pressuring for legislation include auto makers such as the Ford Motor Company, General Motors, and DaimlerChrysler. These groups were willing to pay millions of dollars and spend many years lobbying for bankruptcy reform. The car makers, unhappy with the way auto loans are handled when an individual files for bankruptcy, pushed for reform. Others who lobbied heavily for reform were car dealers, record labels, and gaming interests such as casinos, many of whom represent large corporations and prime lenders, such as MBNA Corporation and American Express Company, who contributed millions not only to stack the political odds in favor of the bankruptcy reform bill, but to elect candidates sympathetic to their goals. MBNA Corp. and American Express Co. are among the top beneficiaries of the bankruptcy reform. Bankruptcy reform supporters argue that debtors seeking relief through bankruptcy are either purposely gaming the nation's bankruptcy system or they are irresponsible spenders who should pay at least a portion of their bills if they are able to. In fact, about half of the claims filed for bankruptcy are attributed to medical costs. Bankruptcy reform will require most filers to receive credit counseling and lessons on how to improve their financial management skills. Bankruptcy reform states that filers pay for the counseling themselves. Included in the new bill is a provision requiring that credit card billing statements include an example of the time it would take to pay off the balance at a particular rate of interest. Billing statements are also required to supply a toll free number for the consumer to call and inquire about the length of time it would take to pay off the balance if they are only making the minimum monthly payments. Citizen advocate Suzanne Arthur highly recommends the Repair Bad Credit Newslog, for news and further information on consumer debt and repairing credit scores. Go to: Bad Credit Repair Newslog
MORE RESOURCES:
Debt-Relief - Google News |
|
|
|
RELATED ARTICLES
Different Ways Of Dealing With Debt Bills, creditors, debt collectors. Are you yearning for the days when all you had to worry about was the money in your piggy bank? If so, you are far from alone. How to Get Triple A Credit in 25 Days Good credit is everyone's dream. A wise use of credit can go a long way. How to Negotiate Debt Settlements Knowing how to negotiate debt settlements is the key to securing your financial future. Debt negotiation is the process where in you will contact your creditors and will appeal to them with an offer to pay off the amount you owe in easier installments that decrease the principal quicker. Debt Settlement -- Why the Critics Are Wrong After October 17, 2005, a lot of people are going to become interested in debt settlement as an alternative to bankruptcy. That's the date the new bankruptcy law goes into effect, and it means a rude awakening for many consumers seeking a fresh start in bankruptcy court. The 5 Secrets to Getting Out of Debt Fast As they stare down at a teetering pile of bills, so many consumers wonder how they racked up such a large debt. The answer boils down to simple mathematics. Hide That Car! Fighting the Repo Man Vehicle repossession may appear justified in circumstances where a person is generally being irresponsible and otherwise able to meet this financial obligation. However, what about that hardworking guy or gal who paid their automobile note dutifully for three years, and missed one payment? Why should their car be repossessed?Basically, the lender owns your car until it is paid in full. Bankruptcy 101 Bankruptcy still remains a mystery in the eyes of many consumers. This article will review the facts of bankruptcy as per written law. IVA Information If you're thinking about an IVA, it is essential to get the best information possible. This is because although an IVA can be a manageable way to resolve your debt problems, it can also represent a commitment of up to five years. Credit And Debt Relief--A One Stop Solution Amy Wright, 34, was extatic when her realtor showed her the three bedroom townhome overlooking the lushious golf course. It was exactly the home she was looking for. Five Hot Tips To Get Out Of Debt Forever The financial and psychological burden of being in debt causes us and our families continuous emotional stress. That stress eats away at the quality of our lives and leaves us feeling powerless, angry, depressed and helpless. Debt Consolidation Versus Debt Negotiation Debt consolidation versus debt negotiation are two options that are available to you if you need debt assistance. When your monthly bills become too much for you to handle, it makes sense to use debt consolidation or debt negotiation for solving debt and credit problems. What Is A Chapter 13 Bankruptcy? Many consumers that are bogged down in debt frequently turn to bankruptcy as a form of restoring their financial status back to a zero balance. Unfortunately many of these same consumers are confused when it comes to the difference between a Chapter 13 bankruptcy and a Chapter 7 bankruptcy. How to Get Money When You Are Broke (Money You Don't Have to Pay Back) 1. One way to get money is to have a yard sale and sell itemsthat you are getting ready to toss away because you don't wantthem any longer. Can You Escape the Trap of Ever Growing Debt? It's difficult not to be concerned when facing numbers like these:43% of U.S. The ONE Law You Should Be Breaking There is a law all smart people break.Parkinson's law. Debt and Your Dreams You may not realize what that credit card bill is doing to you?Bob is a 27 year old truck driver. He dropped out of college after one year and got a job. Bankruptcy - Bankruptcy Myths Bankruptcy has long been a big question mark in the eyes of the consumer. After all they don't teach us about bankruptcy in school. How Do I Lower My Debt Burdens? How do I lower my debts?There are several ways of improving your credit status. If you have decided upon taking up firm steps to decrease your debts, then you may consider these few ways for dealing with the situation. Two Ways To Debt Relief There are many debt relief programs out there both off line and online. Sometimes it can be difficult to chose one from the other. Bankruptcy: Who is to Blame? If you are considering bankruptcy as a solution to your financial problems, you are not alone. Bankruptcy is on the rise in this country as consumer debt piles higher and higher.
|
| home | site map |
| © myfinancialsolutiononline.com 2007 |
