bankruptcy credit counseling requirement
bankruptcy/credit counseling requirement?
How long or how many sessions on credit counseling do you have to take before they will let you file bankruptcy?
Spifiman is 100% wrong. Margaret and Dlewibowi are correct though. I worked in bankruptcy for several years. You do one “counseling session” before you file, it should take about an hour, give or take. That is just about assessing whether or not you qualify for a Chapter 7 or whether you should file a Chapter 13. Essentially they will be looking to see if you spend more money than you make each month, or if there’s any reasonably way you can pay off your debt in the next 5 years. Then you take a class after your meeting with your bankruptcy trustee. That’ll probably take a little longer. It supposedly teaches you how to be financially responsible in the future.
If you’re filing your bankruptcy without a lawyer (which I do not recommend!!) you should be very careful to send in your certificates of completion to both of these requirements as soon as you get them. If the court does not receive the certificates they will dismiss your case. They are very strict about it.
I wanted to recommend one more place for you to check out. It’s called the Institute for Financial Literacy. It’s great because it’s a true nonprofit. A lot of the credit counseling agencies on the list are debt buyers that are trying to make money off people in your situation. I believe that Hummingbird is a nonprofit as well actually. I used to recommend all out clients to IFL though and had only very good experiences with them. Their website is: http://www.financiallit.org/. You have to call them before you start to get log-in information at: 1-866-662-4932. I believe you can also do it over the phone.
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Bankruptcy reform : value of credit counseling requirement is not clear : report to Congressional Requesters … |
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Bankruptcy Reform: Value of Credit Counseling Requirement Is Not Clear $10.81 The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its work, an enlightened democracy can grow and prosper. Ranging from historic Congressional Bills to the most recent Budget of the United States Government, the BiblioGov Project spans a wealth of gover… |
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Bankruptcy Reform: Value of Credit Counseling Requirements Is Not Clear $9.30 The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its work, an enlightened democracy can grow and prosper. Ranging from historic Congressional Bills to the most recent Budget of the United States Government, the BiblioGov Project spans a wealth of gover… |
