Page 47 - Book8E

CHAPTER 5
Things You Should Know about Bankruptcy
If you have already established your debt management program and are making monthly payments according to the schedule you established with your FFEF debt management counselor, give yourself a pat on the back. You are on the road to recovery. Your choice to make the sacrifice necessary to repay your debts was a much better choice than a bankruptcy alternative.
If you are struggling to make that monthly payment, keep up the fight. Your FFEF counselor understands how difficult it can be and is there to offer encouragement and help every step of the way. There are three things you should be sure you do every month:
• Make your full scheduled payment and make it on time.
• Check your monthly statements from your creditors to make sure they are showing your payment was received.
• Contact your FFEF counselor right away if you will be unable to make your scheduled payment.
If the going gets too tough, and you feel tempted to consider bank- ruptcy, there were changes made to the bankruptcy laws in 2005 that you need to be aware of. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was passed by Congress and signed by President George W. Bush on April 20, 2005, and took effect on October 17, 2005. It is one of the most comprehensive overhauls of the Bankruptcy Code in more than 25 years, particularly as it applies to consumer bankruptcy.
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