Changes in Bankruptcy Laws: Implications for Homebuyer Programs

Dec 12, 2005
  • Description

Changes in bankruptcy laws have two impacts on NeighborWorks organization and similar housing counseling agencies. First, clients in financial crisis seeking assistance may have more difficulty filing bankruptcy than under previous regulations. Second, the new law requires credit counseling and debtor education, services which some nonprofit organizations may decide to provide. Organizations need to understand the new provisions of the law to guide existing counseling programs, and should thoroughly analyze the requirements for providing counseling or education services before considering entering the bankruptcy counseling field.