The advisor will assess your financial situation.
The counselor will provide information on consumer debts (credit cards and consumer loans) and address alternatives to filing for bankruptcy.
If requested, the counselor will discuss budgeting and assist you in determining whether you have sufficient funds in your budget to pursue a debt settlement rather than filing for bankruptcy. The counselor will refer you to a debt management agency to develop a personalized debt management plan.
The counselor will endeavor to provide you with a long-term perspective of your financial activities and routines.
Credit counseling courses typically last between 60 and 90 minutes and can be completed in-person, online, or over the phone. The majority of the credit counseling agencies we've encountered charge between $35 and $50 per person for this service. You may request a charge waiver from the counselor's office if you cannot afford to pay the fee. Before the session, all fees and payment should be discussed and agreed upon.Course in Financial Management Prior to DischargeIf your bankruptcy is effectively concluded, your judge will issue an official court document known as a ""order of discharge."" This discharge order formally releases you from your obligation to repay the debts included in your bankruptcy case. Prior to receiving this discharge order, you must complete a course known as Financial Management Education. As is the case with pre-bankruptcy credit counseling, the trustee in your filing jurisdiction must approve the financial management counselor. The objective of the financial management course is to teach you about budgeting and surviving within one's means.
developing better spending practices
Learning about money management, such as saving, budgeting, and checkbook control, as well as making judicious use of credit - what to avoid when obtaining credit
Courses in financial management typically last about two hours and can be completed in-person, online, or over the phone. Similar to credit counseling, the fee will range between $35 and $50.The financial management counseling company will fax or email you and/or your attorney a certificate. This document must be submitted with the court clerk. If you fail to submit this certificate before your case is closed, you will not be discharged.Together, the two course completion certifications demonstrate that the debtor has been trained by professionals to comprehend proper budgeting, money management, and how to responsibly use credit. Obviously, these are not the only requirements for filing for bankruptcy, but they are two of the mandatory measures. Please contact an experienced personal bankruptcy attorney if you have any concerns regarding pre-bankruptcy credit counseling or pre-discharge financial management education.
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