Beginning October 17, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 will make it more difficult for consumers to file for bankruptcy. In recent weeks, I have noticed a surge of inquiries regarding bankruptcy services as the effective date of the reform law approaches.
Some of the key changes include:
Some of the key changes include:
- Stricter financial requirements that will place more debtors in a Chapter 13 repayment plan instead of a Chapter 7 liquidation;
- Increased legal fees caused by stricter "due diligence" requirements placed on attorneys prepaing bankruptcy petitions; and
- Mandatory credit counselling for debtors before filing for bankruptcy.
As October 17 2005 approaches, bankruptcy attorneys will become busy and my not have the time to take on new clients at the last minute. Debtors considering filing for bankruptcy should see a qualified attorney now rather than wait any longer. We are a bankruptcy and debt relief agency. We help people file for bankruptcy.
About the Author: Carl H. Starrett II has been a licensed attorney since 1993 and is a member in good standing with the California State Bar and the San Diego County Bar Association. Mr. Starrett practices in the areas of bankruptcy, business litigation, construction, corporate planning and debt collection.
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