Bradford Stroh, founder and co-CEO of Freedom Financial Network, LLC, is available to comment on the potential impact of Senate Bill 256, the Federal Bankruptcy Reform bill, being voted on this week and next in Congress. He can address the ‘Perfect Storm of pending bankruptcy legislation and the credit counseling industry crisis.
SAN MATEO, CA (PRWEB) March 10, 2005 -- Bradford Stroh, founder and co-CEO of Freedom Financial Network, LLC, is available to comment on the potential impact of Senate Bill 256, the Federal Bankruptcy Reform bill, being voted on this week and next in Congress.
Many observers are predicting that this legislation will pass, despite the bluster this week about amendments," Stroh said. If and when the bill passes, it will change the landscape for consumers who face decisions about bankruptcy – an estimated 1.5 million Americans each year. Since the legislation would effectively strip consumers of an existing option, its important that they are aware that other options exist to help them manage, and eliminate, debt – especially debt incurred through the financial distress of divorce, medical problems or other catastrophic events."
Stroh can discuss the bankruptcy reform bills implications, including:
1. What will happen to consumers considering bankruptcy if the bill passes, and particularly, what the means test" will entail for debtors.
2. Critical information on what has been called the perfect storm" – how bankruptcy reform legislation ties in with the credit counseling crisis that is currently taking place. Internal Revenue Service rulings have begun a potentially widespread rejection of credit counseling agencies non-profit" tax status. These actions could wipe out the non-profit" tax-exempt status of the industry, which comprises virtually the entire industry.
The new bankruptcy legislation may require consumers to seek credit counseling before declaring bankruptcy. Most states require credit counseling agencies to be non-profit. Therefore, for most consumers, credit counseling options will be nonexistent after the IRS reforms tax-exempt status and shuts down existing agencies.
3. Remaining alternatives for consumers in debt trouble if the legislation passes. Debt resolution," a fairly new industry in which a specialist negotiates with creditors solely on behalf of consumers, is the only alternative other than self-help.
Before founding Freedom Financial Network, Stroh spent several years in the finance and investment industries. He held the position of vice president for CIVC Partners in Chicago, and was an associate with Doll Capital Man-agement in Palo Alto and TA Associates in Boston. He worked as a business development specialist for Trigo Technologies, Inc. (Palo Alto), and as a consultant with Coopers & Lybrand Consulting (Chicago). He holds an MBA degree from Stanford University and a Bachelor of Arts degree from Amherst College.
Freedom Financial Network, LLC (www.freedomfinancialnetwork.com) provides consumer debt resolution services through its Freedom Debt Relief, Freedom Foreclosure Relief and Freedom Tax Relief divisions. Helping consumers resolve their debts for the least possible personal cost, the companys services offer an alternative to bankruptcy, credit counseling, and debt consolidation. Based in San Mateo, Calif., Freedom Financial Network serves more than 3,000 clients nationwide and manages more than $80 million in consumer debt.
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