Executive Office for United States Trustees (EOUST) to Present at Credit Counseling Conference on Bankruptcy Reform

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The Executive Office for United States Trustees (EOUST) will be a featured presenter at the American Association of Debt Management Organizations' (AADMO) Spring Conference in Washington, D.C. on May 10 & 11, 2007.

The Executive Office for United States Trustees (EOUST) will be a featured presenter at the American Association of Debt Management Organizations' (AADMO) Spring Conference in Washington, D.C. on May 10 & 11, 2007.

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. The requirements are all part of the bankruptcy reform legislation -- "The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)" -- that went into effect on October 17, 2005.

The EOUST will discuss the status of applications, approvals, re-approvals, the details of the applications and the application process and the relationship to state laws. The EOUST will be available to discuss surety bond amount offsets and credits, employee bonds/fidelity insurance amount offsets and credits, counseling session content and duration, certificate security and form, fee levels, what constitutes "ability to pay," reporting, notifications and audits.

"This is an important program for all credit counseling agencies to attend if they want to learn about the current status of counseling in bankruptcy reform. The applications, approval and re-approval processes are complex, call for compliance with a significant number of requirements and carry substantial disclosure obligations. Information provided in applications may be subject to public review and can carry penalties for false information. Not knowing the requirements of the law and the procedures for approval may delay or cause the rejection of a credit counseling agency's application", said Mark Guimond, Executive Director of the AADMO.

"This process has had many challenges for credit counseling agencies. If agencies are currently approved for bankruptcy reform counseling they can learn what the future may hold. If agencies are considering becoming a pre-bankruptcy filing counseling agency this is their opportunity to learn and ask questions.", added Guimond.

The AADMO Spring Conference will also feature the following sessions:

  • The IRS and Credit Counseling Agencies: 80 New Audits. New Tax Exemptions. What Does It All Mean?

Speaker:        Jeffrey Tenenbaum, Esq., Partner, Venable LLP

  • The Taxable Non-Profit: Pros & Cons

Speakers:        Mark Guimond, AADMO Executive Director & Jeffrey S. Tenenbaum, Esq., Partner, Venable LLP

  • International Credit Counseling

Speaker:        Consumer Credit Counseling Service, UK

  • Who Went Bankrupt In 2006? A Demographic Analysis of Debtors

Speaker:    Leslie Linfield, Esq., The Institute for Financial Literacy

  • Effective Financial Literacy Delivery Methods

Speaker:        Jeanne Hogarth, Program Manager, Board of Governors of the Federal Reserve System

  • EOUST Briefing on the Current Status of Bankruptcy Reform, Credit Counseling and Debtor Education

Speaker:        Executive Office for United States Trustees

  • "Properly Operating" as a Tax Exempt Organization - New Legal Nightmares

Speaker:     Brian Albritton, Esq., Partner Holland & Knight LLC

The AADMO Spring Conference program and registration information can be found at http://www.AADMO.org.

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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