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 Changes In Bankruptcy Law
Features of this law include:
Mandatory Credit Counseling
Counseling from a nonprofit agency approved by the U.S. Trustee will be required before filing. No person may be a debtor unless they have (within 180 days prior to filing) received credit counseling from an "approved nonprofit budget and credit counseling agency" either in an individual or group briefing. They must also have a debt management plan developed and filed with the court.
Means Test for Chapter 7 Eligibility
Chapter 7 bankruptcy virtually writes off a person's debts. Under the new law, debtors will also have to file a "means test" that will make it more difficult to file for Chapter 7. The result will be that many more people will now have to file under Chapter 13. A Chapter 13 bankruptcy continues to hold a person responsible for their debts under a court-ordered repayment plan lasting three to five years. Debtors with an income above the state's median income (in 1999, the median income for a 4 person family was estimated at $60,251 by the American Bankruptcy Institute) and who are able to pay at least $100 per month to a Chapter 13 trustee are presumed to be abusing the law seeking a Chapter 7 discharge of debts. Debtors with an income below the state's median income will continue with the filing of the Chapter 7, but may be denied a discharge if they fail to complete a financial management course.
For more information regarding the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, log onto This Link
Back-to-School Tips for College
As students ready to flock back to campus for the fall, Chain-Younger would like to provide some helpful reminders that may serve to keep the school year free of legal distractions.
First Apartment
If off-campus housing is desired, many students will be first-time renters. It could prevent future problems if the student takes time to study their rights as a tenant. This will serve to protect young renters from unscrupulous landlords taking advantage of unwitting students. It will also help the student when it comes to dealing with repairs and
asserting their rights. The Landlord-Tenant Guidebook can be found at this link. It may be a good idea to send your student off to school with a copy to keep handy for reference.
http://www.dca.ca.gov/legal/landlordbook/
Renters' Insurance
Whether a student lives in a dorm, house, or an apartment, there are likely to be items of some value. Today's student is likely to have and a television, stereo equipment, DVD Players, computers, appliances or a combination of said items. Their belongings are likely to be exposed to many friends and sometimes strangers. The student may not always be around to prevent their property from getting damaged or stolen. Additionally, the typical student may not always have the most careful living environment in proportion to the value of the items. As a preventative measure, make certain to take photographs and record the serial number of each valuable item. Consideration should also be given to taking out renter's insurance. A nice article outlining renter's insurance can be found here:
http://www.nea.org/money/pf041025.html
Credit Card Guide
Campus mailboxes are frequently bombarded with credit card applications. Many companies prey on college students desperate for the convenience and buying power of a credit card. For an interesting and comprehensive study on credit and students, go to:
http://www.dfi.ca.gov/financialliteracy/Credit_Card_Literacy.pdf
GROUP LAW SERVICE
Over 35 years ago, Chain-Younger pioneered Group Law Service to provide quality legal help for working people. Members of Group Law Service, and their immediate family, are entitled to free initial consultations, free notarized signatures (limit 3 per day) and reduced legal fees on most cases. We represent approximately 180,000 group members. If you would like to become a member of Group Law Service, click here.
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