It wasn't all that long ago that
American's faced great financial crisis. As a nation, we struggle
with debt, and it keeps us from achieving a better life. Debt
Education is here to help you change all that ... just ask!
REAL PEOPLE ... CARING ABOUT REAL
ISSUES
Bankruptcy & Debt Legal Resources
Debt Education decided to pull it's bankruptcy forms online because of the changes we see coming to reform bankruptcy laws in the United States. Instead of offering you this service, we thought it was better to provide debt education about the changes taking place with regards to filing a bankruptcy. We believe the following article will shed some light on filing bankruptcy in the near future.
Bankruptcy Bill
by: Stuart Simpson
The Senate is trying to overhaul the bankruptcy laws. Credit card companies and retailers have been pushing for reform since 1997. Hopefully, the new law will come into effect by mid-March.
What have they been battling over?
They rejected an amendment that would allow older people to get a special “homestead exemption” that would allow them to keep their homes if they file bankruptcy. Currently, this is determined by each state. Six states currently have unlimited homestead exemptions. This means that rich people can file bankruptcy and keep their big houses. Doesn’t sound fair.
They also wanted to have credit card statements show how long it would take to pay off the debt by making only the minimum payment and what the interest charges would be.
One proposal would allow people to keep at least $150,000 equity in their home. The second proposal dealt with medical bills. If the medical bills exceeded 25% of their income, then they were exempted from the new test.
This new test measure income and assets to determine if debts can be discharged. Bankruptcy judges currently have to decide if debts can be discharged.
Some people say this would remove a safety net for people who lost their jobs or have insurmountable medical bills.
There's a lot of information to read through on the Debt Education
website, but we feel this is extremely important material. We
strongly recommend that you bookmark this page right now.
This will allow you to read at your leisure, and should you need
to attend to other matters, easily return back here at your convenience.
The Debt Education website was built for you. Please explore
our website. You'll find resources and information on virtually
every aspect of financial planning and money management. These
debt delp resources are designed to help you get out of debt and
stay out of debt. You can achieve financial independence.
