If you are considering filing for bankruptcy, you are most likely frightened and worried about what the future holds. Fortunately, bankruptcy is a breath of fresh air for many. Knowing that you can keep your house and essentially start over is all some people need to sleep at night. However, you must do certain things and meet certain qualifications before you can file, such as attent a credit counseling session. To learn more about credit counseling sessions, please read on:
What is credit counseling?
When you are filing for bankruptcy, you must first reach out to a nonprofit credit-counseling agency to determine whether you truly need to file for bankruptcy or if you can handle your debt in another way. When you file, you must fill out several bankruptcy forms and documents, wherein you will accurately and honestly disclose all elements of your financial situation. When you meet with a counseling agency, your counselor will conduct a detailed review of your expenses, assets, income, and liabilities. From there, you and your counselor will determine the best path forward regarding your financial situation by devising a realistic financial plan.
How long does a credit counseling course take?
Fortunately, a credit counseling course does not take very long at all. Generally, a credit counseling course will take anywhere from 60-90 minutes to complete. Though some agencies offer in-person services, you may also take the course online or over the phone. It is worth noting, however, the post-filing debtor education course will take at least two hours to complete. In a post-filing debtor education course, you will learn about managing money, using credit responsibly, creating a budget, and more.
What is a credit counseling certificate?
Once you complete your first 60-90-minute pre-bankruptcy counseling session, you will receive your first credit counseling certificate. This certificate is then valid for six months after the date of reception. The credit counseling certificate for the post-bankruptcy debtor education must be filed within 45 days of the creditor’s meeting for Chapter 7 cases, and no later than the date of your last payment in the repayment plan or the date you filed for the Motion for a Discharge for Chapter 3 cases. If you think you are ready to begin your credit counseling, contact one of our experienced attorneys today to point you in the right direction.
Contact our experienced New York firm
Bankruptcy, for many people, is a frightening endeavor. Fortunately, with the help of an experienced attorney, it does not have to be. If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options. We will have your back every step of the way.