The New Bankruptcy Law - How Will It Affect Debt Negotiation?

Topics:
Bankruptcies,
Commercial Lending
Tags:
Bankruptcy,
Business Operations,
EzineArticles.com,
Litigation,
Negotiation
Source:
EzineArticles.com

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Overview: In April 2005, Congress made sweeping changes in U.S. bankruptcy law that went into effect on October 17, 2005. It's called the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005," and it means big trouble for Americans struggling with debt problems. What effect will the new bankruptcy law have on the practice of Debt Settlement (also called Debt Negotiation)? Will creditors still be willing to negotiate with consumers seeking to avoid bankruptcy? Will lump-sum settlements for 30%, 40%, 50% still be possible now that this tough new law has been passed? The short answer is yes.

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Format: HTML | Date: Aug 2005 | Pages: 5

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