Chapter 7 Bankruptcy & The Credit Counseling Requirement
What is the Credit Counseling Requirement & What Does It Mean to You?
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that everyone looking to file Chapter 7 bankruptcy must complete a credit counseling briefing prior to filing this personal bankruptcy.
This credit counseling and debt management requirement must be successfully completed within six months prior to filing Chapter 7 bankruptcy.
A proper credit counseling consultation from an approved agency includes a/an:
- evaluation of your finances;
- assessment of your property;
- discussion of the alternatives to filing Chapter 7 bankruptcy;
- analysis of your income;
- an overview of your bills and debt; and
- help in creating a personal financial budget.
Learn more about the credit counseling requirement with the information below and the guidance of a local bankruptcy lawyer. Chapter7.Me can connect you with a local bankruptcy lawyer shortly after you fill out our free bankruptcy case evaluation form or call 1 (888) 632-0501.
Where Can You Find an Approved Credit Counseling Course?
To successfully fulfill this step of your bankruptcy filing requirements, you must complete the session with an agency approved by the U.S. Trustee office.
The U.S. Trustee office reports that a Chapter 7 bankruptcy filer should expect to pay around $50 for the credit counseling briefing.
For just $30, Start Fresh Today offers an approved online credit counseling consultation to fulfill your Chapter 7 bankruptcy requirement. To learn more about satisfying your debtor education bankruptcy requirement, visit StartFreshToday.com.
For a complete list of U.S. Trustee-approved agencies, visit the UST Web site.
Know What’s Required of You When Filing Chapter 7 Bankruptcy
This bankruptcy requirement is not optional.
Unfortunately, many Chapter 7 bankruptcy cases are thrown out when the bankruptcy court discovers the filer didn’t complete the credit counseling session or didn’t file the proof of its completion (the credit counseling certificate).
You should also be aware that in addition to the credit counseling course, you must also complete a debtor education course after you file for Chapter 7 bankruptcy but before you receive your Chapter 7 debt discharge.
An online or telephonic debtor education course is also available for you to purchase at Start Fresh Today.
A Bankruptcy Lawyer Can Make Sure All of the Bases Are Covered
You don’t have to sort through the Chapter 7 bankruptcy process by yourself. A bankruptcy attorney can be a resource for someone considering filing bankruptcy.
A bankruptcy lawyer can guide you through the steps of filing Chapter 7 bankruptcy, help you fill out the necessary forms, make sure that you properly complete all that’s required of you and meet court-filing deadlines, among other things.
Should you have any questions about Chapter 7 bankruptcy law, you can talk to a bankruptcy attorney in your area.
Connect to a local bankruptcy lawyer by filling out our free bankruptcy evaluation form or by calling 1 (888) 632-0501.
The above synopsis of bankruptcy laws is by no means all inclusive
and is not intended to provide legal advice. These laws may have
changed since our last update and there may additional laws that apply
in your situation. For the latest information on these bankruptcy laws,
please contact a bankruptcy lawyer in your area.