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Follow on Google News | Upcoming Changes to Bankruptcy Abuse and Consumer Protection ActBy: DebtorCC, Inc. Effective April 15th, 2013 new regulations went into effect for the Credit Counseling requirement of the BACPA. Most important among these changes are that Internet and telephone counseling are not considered complete until the Debtor has engaged in meaningful interaction with a credit counselor following the automated portion of the counseling. What’s more, a “reasonable fee” clause has been implemented, providing a ceiling of $50 per debtor per counseling session. Lastly, all approved credit counseling agencies are now required to issue Certificates of Counseling within one business day of the Debtor’ As of August 1st, 2013 DebtorCC, Inc., a non-profit organization will be implementing these new changes to ensure compliance. The online credit-counseling session will remain $9.95 per household, well below the allowable fee of $50. In addition, certified credit counselors are on hand to speak with Debtors following their Credit Counseling session Monday – Saturday. Finally, all Certificates of Counseling are emailed within 10 minutes after the debtor speaks to a counselor. For more information visit www.debtorcc.org End
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