Credit Counseling Congress Offers No Details in New Law

Finding the best information about Credit Counseling Congress Offers No Details in New Law or can be a challenge, but we have included as much information as we can about fha michigan and . We Are Your HUD FHA Lender Our site explains all procedures and guidelines for Credit Counseling Congress Offers No Details in New Law and FHA/HUD home loans

The recently passed Bankruptcy Abuse and Consumer Protection Act was hailed as a breakthrough in bankruptcy law. Passed with bipartisan support in Congress and signed enthusiastically by President Bush, the law creates sweeping changes in debt law and will make it much more difficult for debtors to have their obligations swept away by the courts. A major requirement of the new law will require that anyone considering filing for bankruptcy to first undergo credit counseling. The idea is sound; anyone with problem debt can probably benefit from some discussions about money management. Theres just one problem Congress failed to include any details in the bill about what, exactly, constitutes credit counseling.

The credit counseling industry, which includes for-profit as well as nonprofit organizations, has been through some hard times lately. The Federal Trade Commission has been investigating some firms that have claimed to be nonprofit but were actually steering their clients into pricey debt consolidation plans run by for-profit affiliates. These high-profile cases have left a dark cloud hanging over the industry. With the new legislation set to take effect this October, many consumers have questions about the nature of the counseling requirements. Who will pay for it, and what sorts of fees are acceptable? The bill doesnt say whether the debtors themselves or their creditors will pay the counseling fees or how much the service should cost. The law only states that the fees must be reasonable and that the services should be available even if the debtor cannot afford to pay. The thought of being forced to provide counseling to customers who cannot pay has justifiably angered the counseling industry. Even nonprofit agencies have overhead and typically charge some sort of fee.


Find more information concerning Credit Counseling Congress Offers No Details in New Law and FHA Home Loans on our directory. We our constantly looking for new content FHA Home Loans is the most corrent we could find.

You often have to search through a lot of information on Credit Counseling Congress Offers No Details in New Law or FHA Home Loans. HUD Foreclosures features reviews and links to sites that offer government repossessed homes, bank foreclosures, HUD foreclosures, investment property listings and tax liens

Who qualifies as a counselor? As credit counselor is a vague term with no real legal meaning, anyone might be able to place a sign on a building and call himself or herself a credit counselor. Is that what Congress had in mind? The US Trustee Program is in charge of making all of these determinations, and the department is said to be compiling a list of approved agencies. Presumably, the Trustees will also be examining these other issues and providing guidelines before the law takes effect. In the meantime, both debtors and counselors are concerned as thousands of Americans will be seeking advice for their debt problems come October. By then, with a little luck, consumers with problem debt will have some way of knowing whom they should call before filing for bankruptcy.

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 establishing credit, debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity lines of credit.



Find more information about Credit Counseling Congress Offers No Details in New Law and FHA Home Loans in other pages of our website.