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What's New
| A Review of Franklin Debt Relief in Chicago, Illinois |
| BBB members: It appears that Franklin Debt Relief was accredited by the BBB until the BBB instituted its policy of no longer allowing debt settlement companies to be members. This policy was created largely in response to the volume of complaints being lodged against certain companies in the debt settlement industry, not due to the actions of Franklin Debt Relief it appears since they have not had a complaint in over a year despite servicing more than a thousand consumers according to a recent press release. From PayingPaul.com’s research, Franklin Debt Relief seems to satisfy a very high rate of its clients. |
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| Nebraska |
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When Congress passed bankruptcy reform in 2005 the underlying purpose of the legislation was to reduce the total number of personal filings by making bankruptcy much more difficult to qualify for and an even less attractive option for people considering it. They did this in a few ways. One, they increased the court costs associated with filing. (Unintentionally, the new bankruptcy law also made attorney fees higher due to the more complicated and time-consuming nature of the filing process among other things). Perhaps the single most important factor, however, lies in the fact that debtors who earn more than the median income of their state are now required to pass the bankruptcy means test in order to qualify for Chapter 7. The "means test" basically requires debtors to answer a series of questions about their income and expenses to establish whether they can afford to pay off some or all of their debt on a payment plan. For consumers in Nebraska who are filing bankruptcy, here is the median income information as of 2006: 2-person families 51,231 3-person families 58,055 4-person families 68,917 5-person families 63,476 6-person families 60,033 7-or-more-person families 55,635 Keeping in mind that these figures are slightly outdated, if you earn more than the median of similarly-sized households in Nebraska, it is possible that you will be required to declare Chapter 13. Under this type of bankruptcy plan the debtor is obligated to make monthly payments to a court trustee from their disposable income over a period of three to five years. State Bankruptcy Statistics 2004: 8,785 2005: 11,817 2006: 3,959 With the advent and implementation of bankruptcy reform in 2005, Nebraska debt attorneys saw a dramatic drop off in the number of cases filed in 2006. In all, there was a decrease of over 66.4% from 2005 to 2006. Although much can be attributed to the bankruptcy reform, it should be noted that during this time period the overall financial picture of the state improved, particularly in terms of unemployment. That being said, the impact of the bankruptcy law cannot be understated, nor can the rise of companies available to help consumers with credit card debt problems. Nebraska Consumer Credit Counseling Services Nebraska Bankruptcy Laws Nebraska Debt Collection |