Credit Counseling
In 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act was passed. According to this new Act, people must complete credit counseling before they can file for bankruptcy in the United States. Credit counseling must be performed by a company, agency or specialist who is approved by the U.S. Trustee. Additionally, aside from credit counseling, people must complete a debtor education course in order to have their debts discharged. Both credit counseling and the debtor education course are mandatory pre-requisites for bankruptcy.
Complete Credit Counseling 180 Days Prior to Filing for Bankruptcy
Any person that is planning on filing for bankruptcy must complete credit counseling 180 days prior to the filing of his/her bankruptcy petition. This time frame applies to both Chapter 7 and Chapter 13 bankruptcy. Credit counseling usually costs about $50 and will last 60 to 90 minutes. During credit counseling, people will review their assets, debts and income with a counselor and also receive important information pertaining to the bankruptcy process and timeline.
Credit Counseling Certificate
After people have completed credit counseling, they will receive a certificate of completion or certificate of proof which will allow them to move forward with their bankruptcy petitions. Without certificates of completion, people will not meet bankruptcy filing requirements.
Choosing a Credit Counselor
Before you choose a credit counselor, you will want to make sure that the counselor is approved by the U.S. Trustee. Additionally, you will want to inquire about the services the counselor offers along with their fees. Often times, people find it most advantageous and convenient to work with a bankruptcy lawyer who offers both credit counseling and bankruptcy filing services, like the lawyers at McCann, Ribstein & McCarty.
If you are considering bankruptcy, contact our independent South Dakota bankruptcy lawyers at McCann, Ribstein & McCarty.
- Why a Bankruptcy Lawyer
- How to Choose an Attorney Types of Bankruptcy
- Chapter 7 Bankruptcy
- Chapter 13 Bankruptcy
- Chapter 7 vs. Chapter 13 Bankruptcy
- Bankruptcy Process / Timeline
- Bankruptcy Myths
- Benefits of Bankruptcy
- What Happens Next
- Alternatives to Bankruptcy
- Credit Counseling
- Foreclosure Defense
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