law school ranking 2004
On October 17, 2005 by President Bush for radical reform of bankruptcy law in force is the change in the rules of debt collection in this natiion. Consumer advocates and the public seems to be totally unaware of the total and complete victory of the creditors under the new legislation. This article opens the door to the horse Tocororo so that consumers can opt for the worse.

The most important aspect of the bankruptcy code was the "automatic stay" provision. This led to the consumer to file for bankruptcy any time during the survey of the creditors to resolve immediate cessation of all contact and collection activities of creditors. The new law stipulates that a debtor receive credit counseling from an approved nonprofit credit counseling agency for 180 days before the application Chapter 7 bankruptcy or Chapter 13.

While this may sound benevolent, a much closer look at the practical implications of this provision shows the crafty peeling of the debtor's rights. The 180-day requirement is Credit Counseling Agency the possibility of payment plans with creditors. But during this time, the creditor is not restrained from collection efforts. For example, Margaret is a homeowner in Jacksonville, Florida, and is six months behind on her mortgage. In general, credit counseling agencies only work with credit card company and have little or no training with dealing with mortgage companies.

Upon receipt of the foreclosure papers, Margaret goes to see her attorney to file for bankruptcy and is told that they first seek credit counseling before filing bankruptcy protection. Meanwhile, the foreclosure proceeds on schedule and date of sale is 120 days later. However, Margaret still not completed her 180-day requirement. What will happen to Margaret's home? That's right! The house is sold, and they can not prevent the sale of the bankruptcy declaration.

This is the radical change in receivables in the past 50 years. Margaret's only hope is the work of a repayment of a loan restructuring or with their mortgage companies. This is a process of loss mitigation and explain in detail to consumers in our new book, Keeping Your Home, ISBN # 09753754-0-7, $ 19.95, SYH University, LLC, 2005, is sold at Amazon.com.

Loss Mitigation works because lenders lose an average of $ 28,000 to $ 50,000 per foreclosure nationwide. It is a myth that the lender wants your house and makes a profit from the foreclosure. A lender has to pay lawyer, court, and the cost of collecting, maintaining fire insurance, hire a real estate professional, repair structural and other damage to the house, and pay taxes. The homeowner can choose from an agreement with the lenders in more than 90% of cases. Our company has housing counseling service to thousands of homeowners and loss mitigation absolutely works.

To summarize, it is important for consumers to educate and prepare themselves for worse case scenarios. To save your home is an excellent training and learn how homeowners to protect under the new bankruptcy law. Most Americans have no health or disability insurance and are vulnerable to job layoffs because of a stagnant economy. Who among us is immune to heart attacks, failure, strokes, actions, tax liens or other problems that life sometimes. A pay check is literally what separates many families from home security and despair and the new bankruptcy law will severely punish those who slip behind on their mortgage payments.

Herbert Addison, JD, CHC is a Certified Housing Consultant and member of the Virginia Association of Housing consultant. Mr. Addison is co-author of the new book, How to your house, and has helped thousands of families to their homes from foreclosure sales.