BREAKING NEWS:                                             (As of 4/22/05)

The End Is Near For Bankruptcy
As We Know It!

A new...more SEVERE...bankruptcy law is a reality.

Bankruptcy is too good a deal....they said.
People aren't paying what they can afford....they said.
People are abusing the bankruptcy system....they said.

Nothing could be further from the truth...according to responsible surveys and my experience....but these are the things the credit card companies would have Congress believe....and for good reason.

And the worse thing is...Congress was listening.  And...to make sure they got the attention of Congress, the credit card companies paid out tens of millions of dollars in campaign contributions.

Want to know why?  The answer is that there is a lot of money at stake. Credit cards have been an absolute "cash cow" for the lending industry.

In just 2003, according to an article published in USA Today on 7/14/04, quoting R.K. Hammer Investment Bankruptcy, an organization that tracks the credit card industry, the credit card companies racked in 120 billion dollars.

And you know whose footing the bill....you are.

When they are making billions of dollars a year, is it any wonder that the credit card companies were more than willing to spend a few million dollars a year to pay for lobbyists....on the one hand....and to make campaign contributions....on the other.

Why, you ask?   Easy.  If you can't file bankruptcy, the credit card companies can go right on squeezing you for more money.  If you can't file bankruptcy, they don't have to worry that abusing you by increasing your interest rate or increasing the amount charged for late payments.  If you can't file bankruptcy, they don't have to worry that harassing you will end up driving you into the hands of a bankruptcy attorney.

The bad news is that the credit card companies won! 

A NEW HARSH Bankruptcy Law is now a reality.  President Bush signed it into law on 4/20/05.

The really bad news is that this bill will make it difficult
....if not impossible...for many...if not most good, hard-working people....just like you...to file bankruptcy....much less get relief you deserve from the burden of debt.

For example....the new law requires more from debtors, including pre-filing consultations with an approved consumer credit counseling service, in an attempt to force consumers to pay their debts outside of bankruptcy. Additionally, in order to file under the NEW law, you will need a certification from a credit counseling agency....an industry reputed to be controlled by the credit card companies. Talk about putting the fox in charge of the hen house. Even if you get past that hurdle....there are more hurdles.

You will be subjected to an overly restrictive income-based "means-test" to determine whether you have the ability to pay back some of your debts under a Chapter 13. Those of you who do not pass the means-test will be forced into a Chapter 13, and even those of you forced into Chapter 13 may be required to live on a ridiculously inadequate monthly budget...while the credit card companies continue to rake in billions and billions of dollars on the back of the consumers just like you.

In addition....a ton more documentation will be required of all those who wish to file bankruptcy....much of which may be impossible to put together.  There will be so much more documentation required that many people would be completely discouraged from getting any relief whatsoever.

And these are only a few of the mean spirited changes that will occur now that the new bankruptcy bill has become law.

So...what can you do? 

Easy.  Don't wait....not even a minute. 
 
Act NOW!!!

The good news is that there is still a chance to get filed under the OLD Bankruptcy Law! 

But you have to hurry.

If you need to file bankruptcy....or even think you might....don't wait....because when the NEW bankruptcy law goes into 'effect"...it's simple....you lose.

Act now...while there is still some time to get more favorable treatment under the OLD bankruptcy law.

Act now...and give your family the "fresh start" that only the OLD bankruptcy laws can provide.

Call NOW for a totally FREE Consultation.

Call toll free 1-800-899-1414.