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Bankruptcy Credit Counseling and Debtor Education Provider Information

Important Information for Bankruptcy Pre-Filing Credit Counseling Agencies and Bankruptcy Pre-Discharge Debtor Education Providers.

(PRWEB) October 15, 2007 — The American Association of Debt Management Organizations (AADMO), the largest trade association for the credit counseling industry, will feature program sessions important to bankruptcy pre-filing credit counseling agencies and bankruptcy pre-discharge debtor education providers at the AADMO Fall Conference in Austin, TX on October 22 and 23, 2007.

According to Mark Guimond, Executive Director of the AADMO, “Agencies that are providing bankruptcy reform pre-filing credit counseling need to know what’s happening in their sector of the industry. Now they have a source for timely and important information. AADMO offers the best program designed to help them and keep them informed.”

“The states are starting to take notice of pre-filing counseling and requiring compliance with the applicable state laws. Providing this service pursuant to a federally mandated program does not exempt these agencies from other laws. We have state regulators and others who will make this crystal clear and explain what’s happening in the law”, said Guimond.

“Do you know if you are required to propose “60/60″ plans? Are there specific fee limitations on “60/60″ plans? May “60/60″ plan payments be disbursed through or outside of the credit counseling agency? Can “60/60″ plans subject an agency to new legal compliance requirements under state or federal law? If you want to know the answers to any of these questions, this program will help you learn the law of less than full balance payments and “60/60″ plans above and beyond those laws governing traditional credit counseling functions”, added Guimond.

Sessions for bankruptcy pre-filing credit counseling agencies and bankruptcy pre-discharge debtor education providers:
* “60/60″ Plans and Less Than Full Balance Payments - Understanding the Applicable Laws
Speaker:         Robby Birnbaum, Greenspoon Marder
* The Law of Illinois - Credit Counseling and the Law as it Applies to “60/60″ Plans and Less Than Full Balance Payments
Speaker:    Susan Gold, Illinois Department of Financial & Professional Regulation
* The Law of Kansas - Credit Counseling and the Law as it Applies to “60/60″ Plans and Less Than Full Balance Payments
Speaker:    Adrian Serene, Kansas Banking Department
* The Law of Alabama - Credit Counseling and the Law as it Applies to “60/60″ Plans and Less Than Full Balance Payments
Speaker:    Jane Brannan, Alabama Securities Commission
* Bankruptcy Reform:     Value of Credit Counseling Requirement is Not Clear
Speaker:         Jason Bromberg, U.S. General Accountability Office
* Credit Counseling, Debtor Education and Bankruptcy Reform at the 2 Year Mark
Speaker:     Henry Hobbs, Executive Office for United States Trustees

Other sessions will include:
* The actual Experience of Audit and Revocation - One Credit Counseling Agency Shares it All!
* Leads and Referrals: Not the Same Old Ballgame
Speaker:         Jeffrey Tenenbaum, Venable
* Credit Counseling Industry Legislative Update
Speaker:         Mark Guimond, AADMO Executive Director
* Valuing Account Portfolios - Results and Analysis of the Industry Survey
Speakers:         Paul A. Baumann, Leslie Moreau
* 143 Audits - Why This Exact Number is Significant!
* State Regulators
* NCCUSL Uniform Debt Management Services Act - “Stand-By Committee” Recommendations

The AADMO Fall Conference program and registration information can be found at www.AADMO.org.

About AADMO:
AADMO is the largest trade association for the credit counseling and debt management industry. Nationwide, the majority of licensed and legally operating credit counseling agencies are members of AADMO.

AADMO is working diligently to ensure the continued operation and viability of credit counseling and debt management organizations. AADMO provides important education and information for the entire industry.

AADMO is an industry education and advocacy organization whose mission is to promote and ensure the continued operation and viability of credit counseling and debt management organizations. AADMO provides its members and the consumer public with information about the credit and debt counseling industry.

AADMO members are consumer credit counseling agencies, debt management organizations, credit counselors, personal finance educators, credit and debt information educators, consumer lawyers and many others.

AADMO is the only trade association to have held state law compliance workshops with the New York State Banking Department and the California Department of Corporations upon enactment of their respective laws governing credit counseling. AADMO is also the only trade association for the industry to publish a formal summary of state laws that has been reviewed by state regulators.

Press Contact: MARK GUIMOND
Company Name: AADMO
Phone: 281-361-2325
Website: www.AADMO.org

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Credit Counseling Industry’s Largest Trade Association Announces Fall
Conference Sessions

This conference is designed to help credit counseling agencies understand
all the changes and challenges occurring in the industry. There are
significant changes to the law in the states and with the federal
government, there are special requirements on providers of bankruptcy
counseling regardless of DMP activity, the IRS audits are near completion
and the Uniform Debt Management Services Act is being revised.

(PRWEB) September 12, 2007 — The American Association of Debt Management
Organizations (AADMO), the largest trade association for the credit
counseling industry, has announced the program sessions for its Fall
Conference in Austin, TX on October 22 and 23, 2007.

According to Mark Guimond, Executive Director of the AADMO, “This conference
is designed to help credit counseling agencies understand all the changes
and challenges occurring in the industry. There are significant changes to
the law in the states and with the federal government, there are special
requirements on providers of bankruptcy counseling regardless of DMP
activity, the IRS audits are near completion and the Uniform Debt Management
Services Act is being revised.”

“We have one session in particular that no one in credit counseling should
miss - it is the actual experience of one agency going through the audit and
revocation process. If you want to know the truth about the audit and
revocation experience, this is the only opportunity to hear first hand from
one of the front line veterans. You will learn directly from the top
executive of a credit counseling agency that had its 501(c)(3) tax-exempt
status revoked by the IRS what actually transpired and the identified
problem areas that led to revocation,” said Guimond.

“With 143 planned audits, so far, this is one conference everyone should
attend. It’s more important than ever to have timely and accurate
information about the audit process, the treatment or transfer of clients,
disposition of assets and other real challenges during and after revocation
proceedings,” added Guimond.

Sessions will include:

The Actual Experience of Audit and Revocation - One Credit Counseling Agency
Shares it All!

Leads and Referrals: Not the Same Old Ballgame
Speaker: Jeffrey Tenenbaum, Venable

“60/60 Plans” and Less Than Full Balance Payments - Understanding the
Applicable Laws
Speaker: Robby Birnbaum, Greenspoon Marder

Bankruptcy Reform: Value of Credit Counseling Requirement is Not Clear
Speaker: Jason Bromberg, U.S. Government Accountability Office

Credit Counseling Industry Legislative Update
Speaker: Mark Guimond, AADMO Executive Director

Valuing Account Portfolios - Results and Analysis of the Industry Survey
Speakers: Paul A. Baumann, Leslie Moreau

Credit Counseling, Debtor Education and Bankruptcy Reform at the 2 Year Mark
Speaker: Henry Hobbs, Executive Office for United States Trustees

143 Audits - Why This Exact Number is Significant

State Regulators

NCCUSL Uniform Debt Management Services Act - “Stand-By Committee”
Recommendations

The AADMO Fall Conference program and registration information can be found
at www.AADMO.org.

About AADMO:
AADMO is the largest trade association for the credit counseling and debt
management industry. Nationwide, the majority of licensed and legally
operating credit counseling agencies are members of AADMO.

AADMO is working diligently to ensure the continued operation and viability
of credit counseling and debt management organizations. AADMO provides
important education and information for the entire industry.

AADMO members are consumer credit counseling agencies, debt management
organizations, credit counselors, personal finance educators, credit and
debt information educators, consumer lawyers and many others.

AADMO is the only trade association to have held state law compliance
workshops with the New York State Banking Department and the California
Department of Corporations upon enactment of their respective laws governing
credit counseling. AADMO is also the only trade association for the industry
to publish a formal summary of state laws that has been reviewed by state
regulators.

Press Contact: MARK GUIMOND
Company Name: AADMO
Phone: 281-361-2325
Website: www.AADMO.org

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Federal Jury in Los Angeles Orders Debt Collector Arrow Financial Services to Pay Consumer $100,000.00 for Unfair Debt Collection and False Credit Reporting

On May 4, 2007, a unanimous federal jury in Los Angeles, California ordered debt collector Arrow Financial Services to pay Laura Nelson $100,000.00 for a multi-year pattern of unfair debt collection and false credit reporting practices. Laura Nelson v. Arrow Financial Services, LLC, United States District Court Case No. CV06-1568 RGK (PLAx).

Los Angeles, CA (PRWEB) May 9, 2007 — Following a three-day civil jury trial, a Los Angeles jury unanimously ordered debt collector Arrow Financial Services to pay Laura Nelson a total sum of $100,000.00 for false credit reporting and unfair debt collection practices. The jury awarded Ms. Nelson $85,000.00 for her emotional distress and mental anguish, and also added a $15,000.00 penalty against Arrow for its repeated violations of the Fair Debt Collection Practices Act. Laura Nelson v. Arrow Financial Services, LLC, United States District Court Case No. CV06-1568 RGK (PLAx).

Ms. Nelson was represented in the case by Robert F. Brennan, Esq. of Brennan, Wiener & Associates in La Crescenta, Ca.

The account reported to Ms. Nelson’s credit reports was false from the start, as Ms. Nelson never owed the alleged debt. The false reporting of the account began in 2001 and Ms. Nelson had previously disputed the account numerous times to Arrow, to the three major credit bureaus and also to Direct Merchants, the supposed original creditor on the account. Direct Merchants even wrote to Arrow to advise them not to report the account.

Ms. Nelson previously sued Arrow in 2003 over the account, and part of the settlement of that case included a permanent removal from her credit reports. However, literally as she was signing the settlement agreement from the previous lawsuit, Arrow began re-reporting the account to Equifax, one of the “big three” credit bureaus, using a different account number. When Ms. Nelson later disputed the account’s re-appearance to Equifax, Equifax could not locate the account because it had been re-reported with a different account number. Ms. Nelson then brought the lawsuit.

“Arrow subjected Ms. Nelson to five years of false credit reporting, and insisted until the very end that it had done nothing wrong,” stated Brennan. “What was most upsetting was the fact that Arrow had kept the account in its system, adding interest to it and continuing to credit-report it, all the while knowing it was a completely fraudulent account. I certainly hope Arrow re-evaluates some of its business practices in the wake of this verdict.”

Mr. Brennan also expressed his characteristic dismay at the way in which the debt collectors and large creditors are becoming the new slave masters in our culture. “America no longer creates any new products. All it creates any more is debt. The key product of our economy is debt, plain and simple, and the debt collectors and major banks use debt to control, and destroy, our entire lives. I’m picking up more and more discontent from consumers because of this debt-driven economy and how we’re all hamsters in hamster-wheels working our tails off just to pay interest to debt collectors and big banks. One day, it’s all gonna break and it just might be a good thing when it does.”

Contact Information: Robert F. Brennan, Brennan, Wiener & Associates, 3150 Montrose Ave., La Crescenta, Ca. 91214, (818) 249-5291. Mr. Brennan and his firm are the leading consumer protection and credit damage attorneys in Southern California. Mr. Brennan has been selected as a “Southern California Super Lawyer” for two years running, for both 2006 and
2007.

#&##

Press Contact: ROBERT BRENNAN
Company Name: Brennan, Wiener & Assoc.
Phone: (818) 249-5291

Website: www.socalcreditdamage.com

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[GovExec.com Top News] Leader of Ways and Means panel notes IRS opted against renewing one of three contracts it awarded last year.

[Finance Jobs] Purpose: The award winning professional debt collection "Agency of the Year" is seeking a talented and success driven Collections Specialist to join their growing team. The Collections Specialist will join a team of 16 members in servicing and co Location: Laguna Hills, CA Source: Jobs.net

Business Debt Settlement: The Solution More Companies Are Choosing As
Economy Gets Tougher

While debt is always a concern for closely held companies, the current
economy and competitive pressures make it even more so now. As a result,
business owners increasingly are looking beyond the traditional
solutions–commercial debt consolidation and bankruptcy–and discovering
that professional debt settlement can be a far less costly, less stressful
route to debt relief.

Highland Park, IL (PRWEB) March 14, 2007 — Now more than ever, debt is a
double-edged sword for closely held companies, and requires special
attention, according to the president of a leading commercial-debt
settlement firm.

Wal-Mart’s . . . low prices routinely reset our expectations about what all
kinds of things should cost–from clothing to furniture to fresh fish. Jim
Herst, founder and president of Performance Source Inc (PSI) notes that a
host of outside pressures is making it more difficult for small businesses
to maintain the steady cash flow needed to keep their debts under control.
Faced with these challenges, it’s no wonder more of them are seeking outside
help to manage their debts.

Running Your Business Isn’t Getting Easier
Herst cites several current factors which are making it harder for private
companies to manage their debts:

- In February, 4th-quarter 2006 GDP growth was revised downward–from an
initial estimate of 3.5% to a far weaker 2.2%. It was the largest downward
revision in the GDP in a decade. The lower growth rate suggests that more
businesses are seeing reduced demand for their goods and services, hampering
their ability to pay their debts.

- Raw material costs are rising. Higher gasoline prices are only part of the
story. Industry Week magazine reports that copper prices have doubled in the
past year, nickel prices are on the rise, and other material costs are as
volatile as they have ever been. In response, manufacturers who buy these
materials are raising their prices . . . which cuts into the cash flow of
the firms who buy their products.

- The U.S. economy is increasingly sensitive to global economic news. On
February 27 China’s Shanghai Composite market dropped 8.8%, immediately
triggering significant declines in both U.S. and foreign markets. It was
another example of how fast global economic news can hit the stock
investments that closely held companies rely on for a variety of
needs–indirectly reducing their ability to make debt payments.

- Competition, both big and small. In his book “The Wal-Mart Effect,” author
Charles Fishman says, “Wal-Mart’s . . . low prices routinely reset our
expectations about what all kinds of things should cost–from clothing to
furniture to fresh fish.” At the same time, tiny, low-cost online merchants
have made nearly every category of consumer and business goods more
competitive than ever.

As PSI’s Herst points out, “Even closely held firms which have grown despite
these challenges are likely feeling a heavier debt burden now. Many business
owners rely on credit cards or mortgage loans–increasingly ones with
variable rates–to launch or expand their operations.” Besides being more
costly to use as interest rates have risen, many credit cards’ minimum
payments have recently jumped to 3 or 4% (from the typical 1.5%) of the
outstanding balance.

Options for the Business In Debt
What can a private-business owner do if his (or her) company’s debt load has
become a problem?

Herst notes that most owners prefer to try to ‘ride out’ the rough patch.
“Unfortunately this approach often makes the situation worse,” he says.
“Consolidating the debts with a new loan is another option, but in most
cases the owner will have to put up collateral such as a home or major
assets of the business. Plus, the long-term cost of the consolidation is
often greater than what is currently owed on the debts.

“Bankruptcy is a third way to go but not as attractive as it used to be: The
2005 Consumer Bankruptcy Reform Act has unintentionally made it harder for
small businesses to wipe away debts. Even when a credit card is opened in
the name of a business, the card’s terms and conditions are likely to say
that the person opening the account is responsible for the debt.”

What About Debt Settlement?
As a result, Herst explains, more business owners are looking for a better
solution–and discovering debt settlement. If an experienced, professional
negotiator is hired to deal with each creditor individually, he says, some
of the business’ debts could shrink by as much as 70%. He advises business
owners to look for an experienced pro who will also handle all calls and
letters from their creditors–allowing the owner to focus on rebuilding
sales.

“A key question that any business owner should ask a debt-settlement firm is
how it earns and collects its fees. Ideally, the fees should be based solely
on the dollar amount of debt savings achieved for the client. This makes
debt settlement a virtually risk-free solution.”

That’s not to say that debt settlement is perfect, or appropriate for all
companies’ financial situations, Herst acknowledges. It’s primarily intended
for companies already behind on their payments and looking to make a fresh
start. Because they are “in arrears” on their debts, these firms’ Dun &
Bradstreet ratings usually have already dropped. Debt settlement activity
may initially lower these ratings further, but in most cases it is also the
first step in rebuilding the client’s rating–because payments are now being
made where they weren’t before.

Herst concludes, “If your company is dealing with heavy debt, you’re not
alone. Many companies are struggling against economic conditions beyond
their control. But don’t assume your debt problem will take care of itself.
While debt consolidation or bankruptcy might seem like the most obvious
options, remember that debt settlement could get your business back on track
financially with far less cost and stress to you.”

CONTACT INFORMATION
JIM HINCKLEY
Performance Source Inc.
Visit Our Site
708-352-7417

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[Finance Jobs] Purpose: The award winning professional debt collection "Agency of the Year" is seeking a talented and success driven Collections Specialist to join their growing team. The Collections Specialist will join a team of 16 members in servicing and co Location: Laguna Hills, CA Source: Jobs.net

[New York Bankruptcy and Consumer Law Blog] Texas Attorney General Greg Abbott today settled with Cross Country Bank Inc., now known as Applied Card Bank, and its affiliate, Applied Card Systems, ending a scheme aimed at consumers with low incomes or tarnished credit scores. In addition to paying $1.3 million in penalties and attorneys’ fees to the state, the defendants must provide refunds and/or credits to eligible consumers. ...

[New York Bankruptcy and Consumer Law Blog] Fitch’s newly launched Retail Credit Card Performance Index indicates that charge-offs for credit cards will likely rise during the rest of 2007. Chargeoffs are currently running at 4.21% for prime and 6.11% and 9.23% for retail and subprime credit cards, respectively. Managing Director Darryl Osojnak that the trend is definitely upwards, and he expects a continuation through the end of 2007. So what does this all mean?  Most likely an increase in bankruptcy filings as 2007 goes on. ...

Highlights consumer's rights when dealing with debt collectors.