Accel Members Financial Counseling Article

By now, you may have heard that the Federal government has passed a new bankruptcy reform act called The Bankruptcy Abuse Prevention & Consumer Protection Act of 2005. This new law goes into affect in October 2005.

The new Bankruptcy Reform Act has tightened the standards making it more difficult to discharge debt. A few of the key items that relate to credit union members include:

• Requires mandatory financial counseling prior to filing bankruptcy
• Requires an instructional course concerning personal financial management prior to receiving a bankruptcy discharge
• Requires a "means test" to determine if you have enough income to pay back at least a portion of the debt

If you are worried about bankruptcy, we can help. As a member of Coastal, you can take advantage of the Accel program, a free financial education and counseling program. Call an Accel counselor at (877) 33ACCEL (332-2235) and receive a free, objective and comprehensive financial evaluation. Accel is a strategic partner of Coastal Federal Credit Union and can be reached Monday through Thursday 8 a.m. to 10 p.m. (EST), Friday 8 a.m. to 7 p.m. and Saturday from 9 a.m. to 1 p.m. To use this new service, simply call (877) 33ACCEL (332-2235) or visit them on the web at www.accelservices.org .

Everyone here at Coastal wants to ensure that you fully understand the alternatives to and the consequences of filing for bankruptcy. Accel provides the financial education and training necessary to learn the skills and tools to avoid financial difficulties.