People who have no recourse but to file bankruptcy to avoid foreclosure of their homes are complaining about the new Bankruptcy Law which they say makes it more difficult to do so.
Passed by Congress and signed by President Bush in 2005, this new law requires consumers to fulfill several requirements before they can file for bankruptcy. Even lawyers are charging higher attorney's fees because the filing process has become more time consuming than before.
This new law requires a more extensive examination of consumers' financial records to justify filing. With this new law in place, they are also required to take credit counseling and financial management courses before the filing process can be started.
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The law states the bankruptcy can only be filed 180 days after completing these seminars. This may pose some difficulties for those who are at the brink of foreclosures.
In cases when the bank is getting ready to foreclose on your property, the usual recourse is to file bankruptcy which may delay or stop the bank from taking your home.
If you are facing foreclosure, you need to ask the bank for more time and explain that you are required by law to complete the training on personal finance and credit management before you can file for bankruptcy. You maybe allowed to finish the credit counseling course in 30 days after you had filed for bankruptcy.
Some consumers think that these laws are unfriendly and do not help them to stop foreclosure of their properties. However, the law was revised to make sure that those who are filing for bankruptcy really have no capacity to pay bank their creditors and are not just avoiding their responsibility of debt repayment. In the long run, the financial benefit of training the borrowers to be more responsible in meeting their debt obligations will be good for the nation's economy.
Of course, you can always write your local Congressman or petition Congress to amend the provisions of the new bankruptcy law, but even that will also take time.
Just try to comply with the requirements of the new bankruptcy law as the whole purpose of these required trainings is to help you handle your finances better so as to avoid another instance of bankruptcy. The government has to step in and provide guidance to consumers on matters that will affect the national economy, and the process of bankruptcy is one of them.
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