Major Study to Show New Bankruptcy Law Not Working as Intended by Congress

The first analysis to be conducted of over 50,000 consumers referred to credit counseling agencies under the controversial new federal bankruptcy law will show that the law is not working as intended, according to the National Association of Consumer Bankruptcy Attorneys (NACBA).

NACBA will hold a live, phone-based news event (with full, two-way Q&A) to release the data findings showing that, in practice, the new bankruptcy law is simply imposing harsh new burdens on consumers who, in the vast majority of cases, have been forced into financial difficulties by circumstances beyond their control. Sweeping new changes to federal bankruptcy laws went into effect on October 17, 2005.

News event speakers will be:

* Brad Botes, executive director, National Association of Consumer Bankruptcy Attorneys;

* John Rao, attorney, National Consumer Law Center; and

* A consumer who has experienced the new bankruptcy process firsthand.

TO PARTICIPATE: You can join the live, telephone-based news conference (with full Q&A) by dialing 1-(800) 860-2442 by 1:30 p.m. ET/12:30 CT on February 22, 2006. Ask for the “bankruptcy law study” news event.

CAN’T PARTICIPATE?: A streaming audio recording of the news event will be available on the Web as of 6 p.m. ET/5 P.M. CT on February 22, 2006 at http://www.nacba.org.

Established in 1992, the National Association of Consumer Bankruptcy Attorneys is the only organization dedicated to serving the interests of consumer bankruptcy attorneys and protecting the rights of consumer debtors in need of bankruptcy relief. The Association’s twin missions are to help consumer bankruptcy attorneys more effectively represent their clients and ensure that the voices of consumer debtors and their attorneys are heard in the halls of Congress, the Judiciary, and in other arenas where consumer debtors are affected.