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Consumers BEWARE! New Bankruptcy law narrows the path for Debt Relief!
Those with insufficient assets or income could still file a Chapter 7 bankruptcy, which if approved by a judge erases debts entirely after certain assets are forfeited. But those with income above the state's median income who can pay at least $6,000 over five years - $100 a month - would be forced into Chapter 13, where a judge would then order a repayment plan.
Between 30,000 and 210,000 people – from 3.5 percent to 20 percent of those who dissolve their debts in bankruptcy each year – would be disqualified from doing so under the legislation, according to the American Bankruptcy Institute.
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Eliminate Credit Card Debt
If you are serious about getting out of debt, we are serious about helping you. Our program is structured so that you can become debt free in the fastest amount of time without long term detrimental effects on your credit report. If you have bill collectors calling, past due accounts, a high debt to income ratio, or if you are just struggling to make minimum monthly payments, we can help! Please fill out our Free Consultation Request Form on the left and one of our debt consultants will let you know if you qualify.
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