Executive Office for US Trustees (EOUST) to present “Bankruptcy Reform: Rules, Renewals and Reflection at the One Year Anniversary” to Credit Counseling Conference

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The Executive Office for United States Trustees (EOUST) will present “Bankruptcy Reform: Rules, Renewals and Reflection at the One Year Anniversary” to the American Association of Debt Management Organizations’ (AADMO) Fall Conference in Las Vegas on October 25, 2006.

The Executive Office for United States Trustees (EOUST) will present “Bankruptcy Reform: Rules, Renewals and Reflection at the One Year Anniversary” to the American Association of Debt Management Organizations’ (AADMO) Fall Conference in Las Vegas on October 25, 2006.

The Executive Office for United States Trustees (EOUST) has been responsible for the pre-filing credit counseling and pre-discharge debtor education requirements of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) for one full year. This year has included applications for approval, renewal applications, denials, withdrawals, state law fee limitations and the significant “Interim Proposed Rules” that will constitute the regulations for providing services under BAPCPA.

“This is an important program for all credit counseling agencies to attend if they want to learn about the current status of credit counseling and debtor education in bankruptcy reform. The session will provide an explanation by the EOUST of the “Interim Proposed Rules” and address the comments that were provided to the EOUST in consideration of the rules. The rules include the notice of 501(c)(3) revocation, changes in non-profit and license status, definition of “adequate briefing time”, certificate issuance requirements, standards for counseling and counselors, fees and the “ability to pay”, the obligations of the agency declaration and acknowledgments, bond requirements, background investigations and numerous other elements”, said Mark Guimond, Executive Director of the AADMO.

“For agencies that are currently approved for bankruptcy reform counseling and debtor education they can learn what the future will hold in terms of legal and operational requirements. If agencies are considering becoming a pre-filing credit counseling agency or debtor education provider this is a great opportunity to learn and ask questions”, added Guimond.

The EOUST is responsible for the approval and re-approval of credit counseling agencies providing pre-filing counseling and debtor education programs that must be completed by bankruptcy filers before they may receive a discharge from the court. The requirements are all part of the bankruptcy reform law – “The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)” – that went into effect on October 17, 2005.

Other sessions at the AADMO Fall Conference will include:

  • Internal Revenue Service - Review of H.R. 4
  • How to Become a HUD Approved Housing Counseling Agency
  • The World After Tax-Exemption Revocation: Transition Options, Personal Liability and Who Has to Pay the Taxes?
  • Tax Exemption Update: IRS Guidance, New Legislation, But How Much Do We Really Know?
  • State of the Industry and Legislative Update
  • Complying with the Virginia Credit Counseling Law

•Complying with the Non-Profit Debt Management Services and Budget Planning Law of Maine - and the Prospect for Change

•The California Prorater Law: A Discussion of Its Current Status and the Legislative Future

  • Knowing and Understanding the Changes to the Law of Iowa
  • Panel Discussion of the IRS Training Video
  • And More to Come

The AADMO Fall Conference program and registration information can be found at http://www.AADMO.org or by calling 281-361-2325.

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 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 and AADMO is the only trade association for the industry to publish a formal summary of state laws that has been reviewed by state regulators.

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Mark Guimond

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