New ABA Guide Offers What Every American Needs to Know About Bankruptcy and Credit Law

CHICAGO, Jan. 18, 2006 – Personal bankruptcy filings rose to an all-time high in 2005 — due largely to a tough new law that makes it harder to erase debts through bankruptcy.  More than two million consumers filed for bankruptcy in 2005, up nearly 32 percent from the 1.5 million who filed in 2004.  But since the overhaul of the U.S. Bankruptcy Act took effect Oct. 17, the number of filings plummeted to around 38,000, just 2 percent of all filings for the year.

The American Bar Association has published The American Bar Association Guide to Credit and Bankruptcy to help consumers make the right choices for debt management and bankruptcy.  The book provides up-to-date information on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, credit card debt, and other forms of debt such as home mortgages, auto loans and e–oans.

The 300-page guide is divided into 21 chapters with straightforward discussions and real life examples, covering everything from Mortgage/Home Equity Loans — An Area Ripe for Abuse by Predatory Lenders to Chapter 13 or Chapter 7?  Which Should You Choose? — Advantages and Disadvantages.

The American Bar Association Guide to Credit & Bankruptcy is widely available in book stores and through online book sellers.

With more than 400,000 members, the American Bar Association is the largest voluntary professional membership organization in the world. As the national voice of the legal profession, the ABA works to improve the administration of justice, promotes programs that assist lawyers and judges in their work, accredits law schools, provides continuing legal education, and works to build public understanding around the world of the importance of the rule of law in a democratic society.

Title: The American Bar Association Guide to Credit & Bankruptcy Everything You Need to Know About the Law, Your Rights, and Credit, Debt, and Bankruptcy
Publisher: Random House Reference
Pages: 299
Product #: 2350044
ISBN: 0-609-80926-1
Size: 5 x 8
Binding: Paperback
Price: $16.95