Bankruptcy Credit Counseling
Whether you declare a Chapter 7 bankruptcy or a Chapter 13 bankruptcy , the courts will require that you enroll in and successfully complete a credit counseling class before you can have your debts discharged. This is more than just a mandatory part of declaring bankruptcy - the courts regard it as a crucial move that will help you stay out of the bankruptcy courts for the rest of your life.
Of course, there are some people out there who question whether bankruptcy credit courses really work. Many people point out the fact that a percentage of filers often end up back in the bankruptcy court, while others argue that these classes are ineffective against the years of bad financial habits that resulted in out of control debt.
No matter where you stand on the argument, the bottom line is this: bankruptcy credit counseling classes give you everything you need to take advantage of your newfound financial freedom. What you do with that information is entirely up to you.
If you want to make the most of your bankruptcy credit counseling classes, here's what you need to know:
1. Don't be afraid to ask questions. If you're not clear on how credit scores work or you're simply curious as to how lenders estimate your financial risk, speak up and ask. You're there to learn new financial behaviors, so take advantage of every opportunity you have to do so.
2. Take copious amounts of notes. If the course emphasizes it, write it down immediately in your notebook or laptop. Ask follow-up questions on the material if you're not sure what something means. Even online courses should have counselors to speak with.
3. Take the notes that you've made during your bankruptcy credit counseling classes and apply them to your finances. If you've learned about making a budget, take that information home with you and get to work on creating a household budget. If you're having trouble, don't be afraid to ask the instructor for help. He or she is there to help you make the most of your bankruptcy credit counseling classes - so take advantage of it!
Bankruptcy credit counseling classes are identical to every other class - the students who are determined to make the most of it are the ones who will succeed. Therefore, it's not a question of if bankruptcy credit counseling works; it's how prepared you are to work with what you've learned.