Continued from page 1
Okay, with that being said how do
new bankruptcy laws play into this scenario? Prior to these changes in
bankruptcy laws all you would have to do is breath on a mirror in order to walk away from your personal and business debts- that has changed!
The laws in respect to Chapter 7 bankruptcy have changed drastically and now provide for repayment of debts if your income is above
poverty guidelines set in each state; for example
poverty guideline in Massachusetts for a family of 6 is $56,000.00. If your business or personal income is above that guideline, you can file for bankruptcy protection, but you must make arrangements to pay back your creditors through a trustee of
bankruptcy court. Here’s
good part for our profession: We as Independent Arbitrators can provide many other options to our clients then
legal system can; in addition we can obtain better payment agreements and lump sum settlements for our clients.
In conclusion, you can see that there are going to be more litigations filed in
United States for delinquent accounts both on
personal and business venues then we have ever experienced before- this translates to more clients for our profession. It has been said we live in a very law suit crazy society, guess what? You haven’t seen anything yet.

James A. Gage. is a best-selling author and internationally-known expert in Arbitration and Negotiating. He Mentors One-On-One throughout the U.S. and across the world. James is also director of the Gage Consulting Group, LCC , 800 Main Street, Suite 104 Holden, MA 01520 . http://www.jgage.com