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Bankruptcy's Early Warning SignsBankruptcies Begin to Rise Once More |
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June 19, 2007
The 2005 changes in the nation's bankruptcy laws require consumers to seek credit counseling before they can file for bankruptcy. But a recent study by the National Consumer Law Center found that the counseling did little good. And a report from the Association of Independent Consumer Credit Counseling Agencies (AICCCA) seems to bear that out. The association said that of the approximately 400,000 people that its members have counseled since the law went into effect, more than 95 percent went on to file for bankruptcy. "By the time our agencies see consumers for pre-bankruptcy counseling it is usually too late for any alternative solutions and the consumers have no choice but to file for bankruptcy," said David Jones, AICCCA president. "If consumers recognized earlier the warning signs of serious financial problems, they would have more choices for a successful solution." To help, AICCCA has developed the following warning signs:
AICCCA urges consumers who are experiencing two or more of the above warning signs to seek help now. Report Your Experience
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