law politics universities courts philosophy books writing jobs literature call center english school
New Bankruptcy Law – Targeting the Wrong People?
Last April, President Bush enthusiastically signed into law the oddly-named Bankruptcy Abuse and Consumer Protection Act. This bill, representing the biggest overhaul of bankruptcy law in twenty-five years, was written in order to discourage "bankruptcy of convenience." Proponents of the bill, which included the credit card industry, say that the bill is necessary in order to stop an avalanche of bankruptcy filings by drug users and compulsive shoppers and gamblers. The law makes it harder to have debts wiped away, requires credit counseling for those considering bankruptcy, and holds attorneys responsible for paperwork errors by their clients in bankruptcy cases. The net result will probably be chaos, as fewer attorneys will handle bankruptcy cases, credit counselors will raise their fees, and more consumers with problem debt will be clueless as to what they should do next. Adding to the confusion are some new statistics that suggest that a large number of bankruptcies that are thought to be personal are actually business bankruptcies. As a result, the new law may be unfairly targeting consumers for punishment when they are not actually the biggest part of the problem. Worse, it could be harming small businesses.
Studies suggest that the number of business bankruptcies may actually be up to ten times higher than previously reported. Many small businesses that fail and file for bankruptcy do so under guidelines that technically classify them as personal bankruptcies. The new law doesn't account for this, however, and treats such bankruptcy filers no differently than those who file because they can't stop shopping. It benefits no one to force a small store owner to undergo mandatory credit counseling when their business may have failed due to other reasons, such as having a big-box retailer more in next door. Even if that is the case, the law will require the bankrupt business owner to attend counseling in order to learn about managing personal and household budgets. This wastes the time of both the business owner and the credit-counseling agency and denies valuable counseling resources to those people who may really need it.
In time, Congress may amend this legislation if certain aspects of it do not work as intended. In the meantime, small business owners and those with personal debt problems will be inconvenienced, credit counseling agencies will be overworked, and no one will be any better off for it.
©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 site devoted to debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding home equity loans.
Related Articles:
Writing Effective Newsletters
It's obvious but true that your newsletter can only be effective if people bother to read it. Nowadays we are all drowning in an excess of information that comes at us in all directions and in all forms so this really is the biggest obstacle you have to overcome.
Contract Jobs In The Defence Sector
The hottest trend among companies throughout the United Kingdom is to utilize contract workers to meet seasonal or quarterly demands. This trend has come about over the last decade as businesses are trying to stay competitive in an increasingly global market. Payroll payments form a major investment for the average UK business, which means that contract professionals feature short run payments which are quickly moved off of the books. In addition to financial needs, many companies benefit from the flexibility that a reliable short term and project staff members provide them.
Show Your True Colors - Wearing Your Politics on Your Sleeve
The 2008 elections are finally getting down to the wire, and delegates from all 50 states - or 57, if you're voting for Obama - are all ready to head to their respective conventions
Ladykiller by Lawrence Light and Meredith Anthony Lands on Murder on the Beach Mystery Bookstore's List of Best Selling Books
Ladykiller among best selling books at Murder on the Beach Mystery Bookstore.
Michael Penland’s Selective Books Acquired by Michigan Entrepreneur and Top Marketing Consultant
After more than 10 years of helping people start their own mail order business, Michael Penland has sold Selective Books, Inc. and has passed the company’s 30 year legacy to its new owner; who is ready to take Selective Books and its family of dealers into the "revival of direct mail."
The Wonderful World Of Discount Audio Books
An audio book is something that many people find very useful. It is always nice to be able to read a book, but sometimes we simply do not have the time, or we find out that we aren?t reading at the right level to actually enjoy a book that we want to read. In these situations, audio books are excellent ways to keep up with your reading. However, they can be very expensive to buy.
Author & Radio Host Tim Kellis Charges Psychologists Who Write Relationship Books Are Helping to Spawn a Divorce Industry
If you're one of the many psychologists churning out relationships books today, you might want to steer clear of marriage maestro Tim Kellis. Author & radio host Tim Kellis charges Psychologists who write relationship books are helping to spawn a divorce industry.
Making The Most Of Your Speed Reading Classes
If you have decided that you would like to dramatically increase the speed and efficiency of your reading in order to work or study more effectively, there are several options open to you nowadays Taking speed reading classes remains a popular option
Custody Calculations Helping Local and State Governments Obtain New Revenue For Their Family Law Court System
With the pending release of Custody Calculations fully automated internet services, the courts will have the ability to rule with confidence that divorcing parties took action to intentionally violate the orders of the court and access fines. Fines will act as a method to obtain compliance to the orders of the court and allow the court to collect new revenue by fines associated with contempt motions. Fines may be in excess of 50 million dollars or more and will vary depending on the number of divorce filings for that municipality or state court system and the number and amount of the fines accessed for violation of court orders.
All Certified Foreign Workers Can Claim Green Cards on July 1 Says Immigration Law Specialist
The State Department’s July Visa Bulletin has unleashed a frenzied, viral buzz through all ethnic communities. Leon Snaid, a Certified Immigration Law Specialist practicing in San Diego, claims that the Immigration Services will once again be swamped with immigrant visas.