Many individuals have been seeking qualified credit counseling as of late, partially due to the recession and overall credit crunch, which has effected millions of Americans. Foreclosures and job losses have largely driven the increase in bankruptcy filings over the last couple of years. According to a Wall Street Journal article published online on January 6, 2010, titled 'Personal Bankruptcy Filings Rising Fast' it was stated that bankruptcies rose last year by nearly one third.
Since the bankruptcy overhaul in 2005 looked to encourage Chapter 13 filings, which force consumers to sign onto debt-repayment plans in exchange for keeping certain assets, more people are filing for Chapter 7 bankruptcy. Chapter 7 liquidates assets to pay off some debts and relieves the filers of others. The changes were pushed hard by credit card companies and were calculated to make it harder for people to get rid of their debt, particularly in a Chapter 7 filing. One way they have accomplished this is by requiring a "means" test. The test aims to separate those who can afford to repay their debt from those who cannot. Chapter 7 filing is excluded if the means test finds that a person is able to pay back at least some part of the debt after restructuring.
These days it is so prudent to look for a quality credit counseling professional who can help you with debt consolidation, debt relief, debt help, and debt management, so you can avoid becoming a statistic. Allow Community Credit Counseling Corp. to help you with your unsecured debts and counsel you about debt management and work with your creditors to lower your interest payments and/or set up feasible payment plans. Community Credit has helped many Americans like yourself rid themselves of unsecured credit card debt through one of our many debt management programs.