The choice to file bankruptcy is not an easy one. However, in many ways
it may be the most practical step to make in order to successfully recover
from a stressful financial situation. CU Mortgage is ready to provide
bankruptcy counseling to individuals and families. We take special care to
provide you with many options, and discuss the pros and cons of making such
a major decision.
If you are considering filing bankruptcy, you are now required to
complete bankruptcy counseling through a US Trustee-approved provider. You
can be prepared for this important decision by enrolling in CU Mortgage
Bankruptcy Counseling Solutions. We have specially certified counselors who
are trained to conduct financial assessments and provide the best options to
help you solve your financial troubles.
Prior to receiving a bankruptcy discharge, you will have to complete a
personal financial management course. Our educational program provides the
consumer with the highest quality information and tools to achieve financial
stability, success, and to prevent you from returning to a stressful
financial situation in the future.
Declaring and filing for bankruptcy can take many steps. Effective
October 17, 2005, The Bankruptcy Abuse Prevention and Consumer Protection
Act of 2005 requires new policies and procedures for filers. CU Mortgage can
help the consumer fulfill these requirements for the approval process:
- Financial Counseling and Education. Our Financial Specialists
conduct educational bankruptcy counseling sessions personalized to each
consumer. The fee for this session is $60.
- Alternatives to Bankruptcy. CU Mortgage can provide the most
current and relevant financial information available. Once you know all
the facts, you can be well-equipped to make the best choices for a
healthy financial future.
- Financial Management Instructional Course. CU Mortgage can
ensure that the consumer has the necessary skills and tools to prepare
for the future and avoid returning to stressful debt situation.
Bankruptcy Abuse Prevention and
Consumer Protection Act of 2005 (BAPCPA)
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,
which opens a new era in the history of bankruptcy law and practice, was
passed by Congress and signed into law by President Bush on April 20, 2005.
The United States Trustee Program is the component of the Department of
Justice that protects the integrity of the nation’s bankruptcy system by
overseeing case administration and litigating to enforce the bankruptcy
laws. The Act gives the U.S. Trustee Program new responsibilities in a
number of areas, including:
- implementing the new "means test" to determine whether a debtor is
eligible for chapter 7 (liquidation) or must file under chapter 13
(wage-earner repayment plan);
- supervising random audits and targeted audits to determine whether a
chapter 7 debtor’s bankruptcy documents are accurate;
- certifying entities to provide the credit counseling that an
individual must receive before filing bankruptcy;
- certifying entities to provide the financial education that an
individual must receive before discharging debts; and
- conducting enhanced oversight in small business chapter 11
reorganization cases.
Over the past few years, the U.S. Trustee Program’s civil and criminal
enforcement efforts have strengthened the integrity of the bankruptcy system
by providing consumer protection and combating fraud and abuse. The
Program’s Annual Report of Significant Accomplishments [PDF - 3.3 MB]
explains many of its duties and activities. The additional tools provided
under the Act will give the Program further opportunities to improve the
bankruptcy system.
The U.S. Trustee Program has begun its planning and implementation
efforts in preparation for assuming its new responsibilities on October 17,
2005, when most provisions of the Act take effect. Working groups of
employees from the Program’s Executive Office and its regional and field
offices are assisting in the process. Please consult the Program’s web site
for updated information as implementation proceeds.
The U.S. Trustee Program welcomes this opportunity to further enhance the
integrity, effectiveness, and efficiency of the nation’s bankruptcy system.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
represents an important new development in the Program’s continuing efforts
to improve bankruptcy processes and procedures.