IRS ACTION REDUCES CONSUMERS’ OPTIONS FOR CREDIT COUNSELING
February 6, 2006
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Last October, Congress passed bankruptcy reform legislation that made it significantly harder for Americans to file for Chapter 7 bankruptcy protection. Now, the Internal Revenue Service has narrowed further the options of people contemplating bankruptcy by stripping many credit-counseling firms of their tax-exempt status, based on abuses found by the agency.
Following the IRS’ January announcement that it is revoking the tax-exempt status of credit-counseling firms responsible for nearly 50 percent of the industry’s revenue, consumers with unmanageable debt face an increasingly arduous course.
For full story -
http://www.wkyt.com/Global/story.asp?S=4430712&nav=6uyvADb4
