Now debtors will have to go through a very complicated process to determine if they have any money to pay their creditors, ... It involves looking at their monthly income for the past six months.
More Quotes from Kenneth Meyers:
Under the new law before anybody can file for bankruptcy they will have to go through credit counseling through a credit counseling agency. And that's an agency approved by the U.S. Trustees office,Kenneth Meyers
I think it will create a lot more work for attorneys but there are some good aspects to it also, ... I hate to comment on what Congress did, but I really think in some ways the new laws are overkill. That would be my observation, frankly.
Kenneth Meyers
It should be done in high school, ... That's when you ought to educate people on how to handle their bills.
Kenneth Meyers
Credit counseling sounds like a good thing. If the credit agency is sincerely concerned about the debtor then it's a good thing. However, if the credit agency is more concerned about a fee that is generated for them by consolidating the debt through their office, then it's a bad thing.
Kenneth Meyers
That will have to take place through the Internet or by telephone, which will create a hardship. The way I understand it these agencies are supposed to explain how people can pay their debts outside of bankruptcy, ... And in order to file you now have to have a certification that you have completed the credit counseling.
Kenneth Meyers
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