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Tougher Bankruptcy Laws Take Effect October 2005
In just a few short weeks, President Bush?s Bankruptcy Abuse Prevention and Consumer Protection Act will take effect. In a nutshell, the new law, which goes into effect on October 17, 2005, makes it more difficult to cancel your debts under Chapter 7 Bankruptcy protection. Instead, consumers will find themselves having to file for Chapter 13 Bankruptcy protection and paying back their creditors over a five year period. Here?s a look into some of the major changes that will affect consumers choosing to file for bankruptcy after the new law goes into effect - Qualifying - Chapter 7 or Chapter 13? To be able to qualify for protection under Chapter 7 bankruptcy, consumers will have to face a means test. The means test determines if your household falls above or below the median income in the state where you reside. Those whose total is greater than the state median income will not qualify to cancel debts under Chapter 7 protection and will alternately have to file under Chapter 13 and pay back your creditors. The major intent of bankruptcy reform is to require people, who can afford to make some payments towards their debt, to make these payments, while still affording them the right to have the rest of their debt erased. The amount you have to pay back under Chapter 13 protection will be greater because instead of a 3-year pay back period, that time frame is now extended to five years - to ensure your creditors get paid. Credit Counseling Anyone filing for bankruptcy under the new law will be required to go through mandatory credit counseling. Be careful before choosing a credit counselor as this field is filled with people looking to line their pockets while emptying yours. To find a trustworthy counselor, check to see if there are any complaints against them or their organization filed with your local Better Business Bureau. Secondly, find out if they are certified by the National Foundation of Credit Counselors or the Association of Independent Consumer Credit Counseling Agencies. Finally, find out if they have not-for-profit status. Personally I recommend Consumer Credit Counseling Services as they meet all three of the above criteria. They can be reached at 1-800-888-2227 and can connect you with a local office. The Cost Factor Filing for Chapter 7 protection under the old laws normally cost under $1,000. You should expect to pay more under the new laws as filing fees have been increased by $60. Additionally, your attorney will be required to double check all your financial information which will take more of his or her time. Also there is greater liability imposed on the lawyer which may cause their liability insurance to increase, which gets passed on to their clients in the form of higher fees. Under the new law, many are expecting fees to increase between 25-50%. Why Were the Laws Changed? The bottom line is that major commercial creditors lobbied hard for reform. Companies like CitiBank, MBNA, and other credit card issuers actively contributed proposed amendments along with generous financial support to reforming the bankruptcy laws - and in their favor, according to many consumer protection groups. ? 2005, http://www.yourfreecreditreportnow.com James is editor of "TO YOUR CREDIT", a free weekly newsletter with tips to help you manage your personal finances. Subscribe today and receive his ebook ?IDENTITY THEFT- How To Avoid Becoming the Next Victim!? and other free bonuses by visiting <a href="http://www.yourfreecreditreportnow.com" target="_blank">http://www.yourfreecreditreportnow.com</a>.
Source: www.ArticlePros.com

Finding that Perfect Bankruptcy Attorney isn t that Hard
Bankruptcy can be a very confusing time in one s life because although it means seeking out a bankruptcy attorney to bring about some sort of financial stability, it also means putting your immediate financial future on hold. On the other hand, you won t have to worry about creditors harassing you anymore. Even though filing bankruptcy constitutes a fresh start, the fresh start doesn t begin until ten years after your bankruptcy is discharged. In the meantime, it is possible to acquire some credit from those creditors who are friendly to those who have filed bankruptcy. But you must first find a bankruptcy attorney to get the ball rolling. Some charge different rates to get your bankruptcy started, so you want to find an attorney who has reasonable rates. A great place to check is the website Get Lawyer Advice where you can get legal advice and a list of lawyers for each state. Upon locating the appropriate bankruptcy attorney, you can begin your journey to financial stability. Whether you are filing a chapter 13 bankruptcy or chapter 7, your attorney is going to ask that you put some money down or pay the entire amount toward filing your bankruptcy. After you have put down the specified amount, your bankruptcy attorney will then look at creditor statements, etc. to ensure your amount of debt exceeds the specified amount that enables you to file bankruptcy. Once this is determined, your attorney will fill out a petition and by law you will be required to attend a credit counseling session. Unfortunately, if you are not happy with the attorney performing your bankruptcy, they may not refund your money. There are cases in which this has happened and clients have had to move on to another attorney. Again, this is why it is important that you research who you want to be your representing attorney and the internet is a great way to do that. Just remember that finding a good bankruptcy attorney does not have to be difficult with powerful tools such as the internet. Simply look at what other people have to say regarding the various attorneys, look at track records, and years of experience. With this, you will surely find yourself a competent attorney to handle your bankruptcy inquiry. To find that perfect bankruptcy attorney, go to www.getlawyeradvice.com to locate a bankruptcy lawyer within your state and learn valuable information regarding bankruptcy laws and procedures.http://www.getlawyeradvice.com
Source: www.ArticlePros.com

6 Things to do if involved in a Motorcycle Accident
Motorcycle accidents have a reputation for being some of the deadliest. Motorcycles offer little protection to riders in the event of an accident; therefore the injuries are often severe requiring long recovery periods. Usually, motorcycle accidents are not the biker s fault. Due to the size difference between a motorcycle and passenger vehicle, motorcycles are harder to see and are frequently lost in the passenger vehicle s blind spot. Due to this fact biker s are often sideswiped by vehicles that simply did not see them. Some shocking statistics from the National Highway Traffic Safety Administration show that motorcyclists are 32 times more likely to die in an accident than passenger vehicle occupants, and 6 times more likely to suffer injuries. It is important to remember that biker s are entitled to compensation for injuries due to someone else s negligence as well as passenger vehicle drivers. If you are involved in a motorcycle accident it is important to remember the following things: 1. Report the accident to police. The police report is helpful to your auto accident injury lawyer in determining fault. 2. Record the names and statements of witnesses to your accident. Take pictures and record any unusual circumstances or whether that may have contributed to the accident. This will be especially useful should your case go to court. 3. Do not speak with any insurance agents or adjusters that may show up at the scene. This is an unscrupulous tactic sometimes used to get people to admit fault or say something that could hurt their claim. 4. Call your insurance company to report the accident. Do not speak with the other party s insurance carrier. Let your motorcycle accident injury lawyer deal with them. 5. Even if you feel you haven t sustained a serious injury, it is a good idea to get checked out by a physician. Some brain injuries do not show up right away and insurance companies may be reluctant to pay for an injury later on. 6. Contact a motorcycle accident injury lawyer as soon as possible.Michele Wallace, the author of this article, writes for the <a href= http://www.maliselawfirm.com/><b> MaliseLawFirm"</b></a>. Malaise handles motorcycle accident cases for the citizens of San Antonio.
Source: www.ArticlePros.com