Released on = February 8, 2006, 12:01 pm

Press Release Author = Opus One Ventures

Industry = Small Business

Press Release Summary = Never before in the history of personal and corporate
bankruptcy have we seen more of an opportunity to help people. We finally have
objective measures and a means to test that will stand up to scrutiny.

Press Release Body = Last year Congress passed massive legislation that completely
altered the playing field of bankruptcy proceedings for both individuals and
corporations. The dust is just beginning to settle on the new bankruptcy rules, but
already some opportunities for financial professionals have surfaced.

For example, a flexible means test to assess individuals\' ability to repay their
debts was part of the package. The formula takes into account whether the filer
earns more than the state median income and can repay at least $100 a month of their
unsecured debt over five years. Legitimate expenses such as food, shelter, clothing,
medical care, transportation, attorneys\' fees and charitable contributions are taken
into account in the analysis.

However, the new law, which became effective October 17, has come under assault for
being too restrictive, particularly in terms of the heavy paperwork and filing
requirements that it involves. It was the first major revision to the bankruptcy
laws since 1978.

According to records available, more than 500,000 Americans filed bankruptcy
petitions in the two weeks prior to the date when the new provisions took effect.
This compares to approximately 60,000 petitions filed in an average two-week period
in previous years.

Enter the CPA...

Here is where the opportunity for the individual CPA presents itself. Linda Forbes
of Bankruptcy Information (http://www.bigbankruptcy.com) says "Never before in the
history of personal and corporate bankruptcy have we seen more of an opportunity to
help people. We finally have objective measures and a means to test that will stand
up to scrutiny." Forbes recommends keeping records of all transactions and working
closely with a personal financial consultant who specializes in bankruptcy
protection. Additionally, getting assistance from legal counsel is sometimes advised
especially in corporate bankruptcy proceeedings.

Visit Bankruptcy Information http://www.bigbankruptcy.com for more information and
updates.


Web Site = http://www.opusoneventures.com

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