Arlington, Va., October 20, 2005 - The subject of bankruptcy has been a popular one as new regulations went into effect this week. Those individuals who are seeking relief from their debts might well be confused. Have they missed an important deadline? What factors will now determine whether they can seek financial relief by filing bankruptcy?
To help provide guidance and options for individuals attempting to decide if they are good candidates for bankruptcy, the Better Business Bureau (BBB) system today released BBBTips™ for Consumers Considering Bankruptcy
"There is no set of rules that makes this task an easy one. Bankruptcy is a very important and personal decision," said Steven J. Cole, president and CEO of the Council of Better Business Bureaus. "BBBs advise consumers who are seeking relief from their debt to first carefully evaluate all of their options. Secondly, we urge them to weigh the potential benefits of bankruptcy against the consequences of having the added negative information on their credit record."
The new publication is the third in the BBBTips™ on Credit series, a program sponsored by ClearPoint Financial Solutions, Inc.™ to boost consumers' financial well-being. BBBTips™ for Consumers Considering Bankruptcy is available online at www.bbb.org/tips/clearpoint for easy access by consumers seeking to determine what steps they can take to address the burdens of their debt. Included is information on bankruptcy choices; recent changes to the bankruptcy law and its impact on debtors; steps to take when considering bankruptcy; possible alternatives to bankruptcy; seeking assistance from professionals; and avoiding the temptations of an "easy fix" for your financial problems.
Under the new regulations that took effect October 17, consumers who determine that bankruptcy is the best option for their situation will need to choose a credit counseling agency that has been approved by the U.S. Trustee's Office to provide the mandatory financial counseling classes. A list of approved agencies by state location is posted on the Trustee Web site at http://www.usdoj.gov/ust/bapcpa/ccde/cc_approved.htm.
The BBB advises consumers to also check the agency's record with the Better Business Bureau (www.bbb.org), and find out if it is a member of the National Foundation for Credit Counseling (www.nfcc.org) or the Association of Independent Consumer Credit Counseling Agencies (www.aicca.org). Agencies that are members of these organizations must adhere to strict standards of professionalism and accreditation and use only certified credit counselors.
ClearPoint Financial Solutions agreed to sponsor the BBBTips™ on Credit series to "provide consumers with superior information tools from a well-respected source of information for consumers and businesses alike," said Dan Oelrich, president and CEO of ClearPoint.
Amida Mehta, director of marketing for ClearPoint, noted: "While bankruptcy may provide you with a fresh start, your new journey comes with no written guarantee. The information offered in this new set of BBBTips™ will give individuals a sound basis for determining if bankruptcy is the right course of action for their particular financial situation."
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About ClearPoint Financial Solutions, Inc.
ClearPoint Financial Solutions, Inc.™ (formerly Consumer Credit Counseling Services of America, Inc.) is a national non-profit organization dedicated to helping consumers achieve financial wellness through counseling and education. Established in 1980, ClearPoint has helped over one million individuals achieve financial security. ClearPoint is the only non-profit System-wide member of the Better Business Bureau (BBB), and one of the largest members of the National Foundation for Credit Counseling (NFCC). Headquartered in Richmond, Virginia, ClearPoint manages branches across the country. Personalized and confidential consultations are available in person, by phone or online. Visit ClearPoint Financial Solutions at www.ClearPointFinancialSolutions.org or call 877-877-1995. Credit Counselors, CDC Consumer Debt Counseling, and Solutions, Inc. are all trade names of ClearPoint.
ABOUT BBBTips™
BBBTips™ is a trademark of the Council of Better Business Bureaus, Inc. (CBBB) used for information provided to assist consumers and businesses in making informed and intelligent decisions. BBBTips™ are developed in partnership with the Better Business Bureau Consumer Education Foundation, Inc. and made possible, in part, through the generous financial and technical support provided by corporate sponsors that are members of the CBBB and of the Better Business Bureau where the sponsor is headquartered. As a matter of policy, the CBBB and Better Business Bureaus do not endorse any product, service or company.
