A study conducted by the National Association of Consumer Bankruptcy Attorneys claims that 97% of consumers seeking relief under the new law are unable to repay debts.The NACBA says the reforms enacted last October "are not working as intended." According to NACBA, 61,355 consumers have been seen by credit counseling firms since the new law took effect, and almost all of them were unable to repay any of their debts. The analysis also claims that four out of five would-be filers were forced into financial difficulty by "circumstances beyond their control," such as a job loss, divorce or the death of a spouse, or catastrophic medical expenses. Brad Botes, executive director of NACBA, said the new law has "put new hurdles in the path of people who are already flat on their back."
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Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
5h ago -
The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
6h ago -
The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
6h ago -
The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
6h ago -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
7h ago -
The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
7h ago