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Overview

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New Bankruptcy Law

Bankruptcy Abuse Prevention and Consumer Protection Act
Bankruptcy is always a hot topic; perhaps never more than now. It’s hard not to think about the subject in light of the recently enacted legislation that makes it more difficult for some consumers to discharge their debts through bankruptcy. According to its proponents, the legislation will address the problem of consumers’ skyrocketing debt. Over the past decade, the number of Americans filing for bankruptcy has doubled and at least $40 billion in debt is now forgiven annually.

The “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005” makes some sweeping changes to the former bankruptcy law. Impacting cases filed on or after October 17, 2005, the Act includes the development of a “means test.” The Trustee or any creditor can now bring a motion to dismiss a Chapter 7 bankruptcy if the debtor’s income is greater than the state median income. Certain debtors who meet a new standard would be shifted from a Chapter 7 bankruptcy to five-year repayment plan in Chapter 13.

The bill also includes two provisions mandating financial counseling and education: Before filing for bankruptcy, consumers would be required to have a briefing on the alternatives to bankruptcy; and before receiving a bankruptcy discharge a debtor would be required to complete “an instructional course concerning personal financial management.” These provisions were included to provide debtors in bankruptcy with the skills and tools needed to avoid future financial problems.

Money Management International is approved by the Executive Office of the United States Trustee (EOUST)* to deliver these counseling and educational services. In fact, Money Management International has a team of trained counselors who will work one-on-one with you to create a detailed personal financial assessment. During the assessment, the counselor will work with you to analyze your income, expenses, assets and liabilities and provide the client with a true and accurate picture of your financial situation.

You will be taken through all of the components of a typical credit counseling session. Upon completion of the bankruptcy counseling session, you will be issued a certificate of participation. This certificate will allow you to proceed with the bankruptcy process. It is our desire to make this delivery process as smooth and efficient as possible. Please call 1-877-895-2227 to speak with a counselor.

Pre-Filing Counseling

Counseling services are available by a variety of methods at convenient times. From the comfort of your home, you can complete your counseling session by telephone, Internet or Web chat. For your convenience, Money Management International has a team of professional counselors available 24/7 to assist you. In-person counseling is available by appointment in all of the local markets in which we operate. All counselors are trained professionals who understand that each person represents a unique situation and requires a unique solution. Visit www.BankruptcyCertificate.com or call 1-877-895-2227 to learn more or to schedule your pre-filing counseling session. Upon completion of the counseling session, you will be issued a certificate of participation. This certificate will allow you to proceed with the bankruptcy filing process. We understand that each person that seeks assistance has a unique financial situation. Our certified credit counselors will work one-on-one with you to develop a detailed personal financial assessment. During the counseling session, we will review your income, expenses, assets and liabilities. This in-depth process will provide you with a true and accurate picture of your financial situation. The personal financial assessment is just the first piece that is developed to help you determine the right solution for your financial situation.

Counselors will work with you to develop:
  • A personal financial assessment
  • Reasonable and manageable spending plan
  • Detailed action plan
  • Short and long term financial goals

Around the Clock Service
For your convenience, Money Management International has a team of professional counselors available 24/7 to assist you. In-person counseling is available by appointment in all of the local markets in which we operate. All counselors are trained professionals who understand that each person represents a unique situation and requires a unique solution.

Visit www.BankruptcyCertificate.com or call 1-877-895-2227 to learn more or to schedule your pre-filing counseling session.

Upon completion of the counseling session, you will be issued a certificate of participation. This certificate will allow you to proceed with the bankruptcy filing process.

Pre-Discharge Education

Money Management International can also provide you with the pre-discharge education that you will need. During the education program, our trained educators interact with participants to ensure that everyone benefits from the program. The program is designed to be a comprehensive course that covers a variety of financial and budgeting topics.

During the education program, you will receive tips and tools for wise money management and credit use. You will also discover how to:

  • Set achievable financial goals
  • Calculate net worth
  • Create a livable budget
  • Build a savings plan
In addition, the program facilitator will share with you how to obtain credit reports, establish or re-establish credit, dispute errors and protect yourself from identity theft. Each participant will receive four workbooks designed for use during and after the course for continued self-study.

Money Management International has a dedicated education division, the Centers for Financial Education (Centers), which will conduct all of the pre-discharge education programs. For your convenience, these programs are available by a variety of delivery methods including telephone and Internet. In-person programs are available in all of the local markets in which we operate. To visit our market locations or register for an upcoming pre-discharge education program, simply visit www.crediteducation.org or call 1-866-745-2227.

Upon completion of the program, you will be issued a certificate of participation. This certificate will allow you to proceed with the bankruptcy discharge process. It is our desire to make this delivery process as smooth and efficient as possible.

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Trust the experts. Since 1958, Money Management International have counseled and educated over one million people. Together, we can help your clients improve their lives through financial education.
   
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Consumers calling for:
• Pre-filing counseling call:
1-877-895-2227
• Pre-discharge education call:
1-866-745-2227
Attorney Relations call:
1-877-833-1743
 
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*Approved to issue certificates in compliance with the Bankruptcy Code. Approval does not endorse or assure the quality of the Agency's services. EOUST regulations do not apply to residents of NC or AL. Approved to issue certificates evidencing completion of a financial management instructional course in compliance with the Bankruptcy Code. Approval does not endorse or assure the quality of a Provider’s services.

The information provided throughout this website should be understood to be a general discussion of the subject matter and does not constitute a legal opinion about your particular situation. For further information or advice, consult a qualified attorney.

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