Are you skeptical whether you can complete the bankruptcy counseling session? If so, then you can get detailed information on bankruptcy counseling from this article. However, the bankruptcy law compels the consumers to get financial education course before they file bankruptcy and discharge their debts. Generally, a pre counseling session helps to understand the potential benefits as well as drawbacks of filing bankruptcy. However, bankruptcy counseling is beneficial as you can understand the importance of budgeting, know about credit report and scores as well as take necessary steps to formulate a budget plan.
Therefore, bankruptcy counseling can be beneficial for you as it can help you determine whether filing bankruptcy is best option for your financial state.
If you’re filing under Chapter 7 or Chapter 13 bankruptcy, you’re required to participate in a pre-bankruptcy filing counseling session. The counseling session can help you to provide a budget plan. You need to take up the session within six months of filing. Make sure that the agency providing the session is approved by the Executive Office for U.S. Trustees (EOUST).
When you work with a certified counseling session, it can help you manage your finances effortlessly. The counseling session may stretch for 90 minutes. The session is inclusive of an overview of the bankruptcy process and the certified counselors may offer you overview on it. The counselor may ask you what led to this kind of financial misfortune. You can attend the counseling session over the phone or face to face.
Once the counseling session is completed, you may receive a certificate indicating that the counseling session is completed. In fact, you need to include the certificate when you file petition with the bankruptcy court.
The pre-discharge financial education course may help you understand you finances as well as guide you to manage your monetary state; thereby it can help to lower the chance of financial problem in the future.
Remember, a pre discharge bankruptcy session may extend for 2 hours. The counseling agency offering pre- discharge financial course may help to address the literacy issues. It may also help you deal with financial crisis in future.
Therefore, bankruptcy counseling can help you analyze your current financial situation and review the factors that led to this condition. The counselors can help you provide more information about alternatives to bankruptcy and assist you to develop a plan to respond to the financial condition without incurring more debt.
Author Bio : Dan Marshall is a financial writer and enjoys writing articles on the global financial situation, bankruptcy, making money online, the stock market, debt consolidation, and mortgages along with other finance-related topics. He is
associated with Oak View Law Group.
THANK YOU DAN FOR YOUR GUEST POST!