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About Credit Counseling

Benefit From Credit Counseling

Consumers who seek credit counseling do so in order to get their general finances back on track. A potential bankruptcy, credit cards, and medical bills are just some of the debt related issues addressed by credit counseling.  A certified credit counseling service can assess your financial situation, organize priorities, develop a budget, and make recommendations. Counselors have handy tools, resources and helpful organizational tips that you may not be aware of. But, be prepared to share all financial information. Your credit counselor will need to review assets, debts, income and expenses. After the review, they’ll make some sort of recommendation or proposal. Regardless of whether you decide to follow their proposal or not, the counseling itself will be an educational tool. Furthermore, counseling can help determine if you may qualify for bankruptcy to eliminate serious debt.

Credit Counseling For Bankruptcy

Let’s assume that your serious debt problems look like they could be resolved by filing either chapter 7 or chapter 13 bankruptcies. This is based upon a previous consult with a bankruptcy attorney. Due to the requirements of the “Bankruptcy Abuse Prevention & Consumer Protection Act,” anyone considering bankruptcy must also complete a credit counseling session from a provider in compliance with the bankruptcy code. One of the reasons that the counseling is required, is to determine if you qualify for bankruptcy in the first place. If not, there may be better alternatives to consider.

Who Does Credit Counseling?

If you want to file bankruptcy, the company you choose to perform credit counseling must be approved by the U.S. trustee’s office. At Debt Advisors, your attorney will provide credit counseling referrals. One that is often used is called “Moneysharp.org.” It has an outstanding reputation as an industry leader in credit counseling services. The service is already very affordable but clients of Debt Advisors get an attentional discount.

Completion of Credit Counseling Class

Once the class is complete, you don’t have to follow what the counselor has proposed. Rather, your Debt Advisors attorney will review the findings and go over the different scenarios with

you. Afterwards, if bankruptcy is the best option, then proof must be provided to the courts to show that you have met this requirement. Your Debt Advisors attorney will ensure that the credit counseling certificate and bankruptcy petition are delivered to the courts.

More About Credit Counseling

Credit counseling classes can be taken in person, or online. With Moneysharp.org, the class is taken online. With this option, credit counseling has become very convenient.  The compiling of financial information takes the most time because the class itself is only going to take 90-120 minutes.  Again, when filing bankruptcy, proof of credit counseling must be provided with the petition for bankruptcy. A Debt Advisors attorney will take care of this for you. After bankruptcy is complete, the law also requires “post-bankruptcy” counseling. The post-bankruptcy credit counseling is often referred to as a “financial management” course. The focus of the post-bankruptcy counseling will be to prepare for “longer term financial success.”

If there are still questions with the credit counseling process, please contact a Debt Advisors attorney today and request a free initial consult.

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