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Consumer debt legislation to take effect

Tens of thousands of credit-card borrowers may file for bankruptcy after the Consumer Debt Clearance Regulations (消費者債務清理條例) take effect today, Taipei-based Legal Aid Foundation (法扶基金會) said yesterday.

The foundation said on in its Web site, that more than 12,000 people with loan defaults have reserved its legal help and services for plans to restructure their debts by negotiating with creditor banks for a better interest rate.

The foundation’s branches in Pingtung County and Kaohsiung County yesterday reported 500 filings each, which are expected to follow through to actual applications today, with some of them being policemen and government officials.

The foundation also accepted an application by a Formosa Plastic Group (台塑) employee with a monthly salary of more than NT$70,000 (US$2,310) since he is the only wage-earner in a big family.

To accelerate the application process, some district courts are expected to set up special desks in the lobby to provide related services.
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