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Bankruptcy Credit Counseling Under the New Bankruptcy Law
Bankruptcy credit counseling is a requirement of the new bankruptcy law effective October 17, 2005. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires court approved bankruptcy credit counseling to be completed by debtors prior to filing for bankruptcy within the 180 days immediately preceding the filing of a bankruptcy petition.
The new bankruptcy law has made filing bankruptcy more difficult than ever before. The new bankruptcy law was fueled by credit card companies and their high powered lobbyist who wanted to make it harder for debtors to wipe out credit card debt. Bankruptcy credit counseling has been seen by many bankruptcy attorneys as an attempt to delay a debtor from seeking protection in the bankruptcy court. The delay may be just enough time for a creditor to obtain a judgment or collect garnishment funds.
Most bankruptcy lawyers are finding out that the telephonic method of counseling is the easiest for debtors to complete in a hurry. Most telephonic counseling can be completed in about 1 hour.
The maximum amount any bankruptcy credit counseling agency can charge for counseling is set by law. No bankruptcy credit counseling agency can charge more than $50.00 for the credit counseling. Once bankruptcy credit counseling sessions have been completed, debtors are given a certificate of completion from the credit counseling agency to be filed with the bankruptcy court upon filing of the debtor's bankruptcy petition.
About the Author
BankruptcyHelpOnline.org is the bankruptcy resource solution that makes bankruptcy easy to understand. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has made filing bankruptcy more complicated than ever before. BankruptcyHelpOnline.org is your source for useful bankruptcy information that is easy to understand.