Debtors who are considering filing for
bankruptcy may wonder about the credit counseling requirement and why they have to
complete it. In short,
it is required because it is stated in the bankruptcy code. If you don't complete it, you may not be able to file your petition
when you are ready to seek financial relief. The good news is the process
is simple and many have found it useful, especially after the bankruptcy
process is complete.
At Allmand Law Firm, PLLC, our Dallas bankruptcy lawyers do everything
we can to prepare our clients not only for the bankruptcy process, but
for a brighter financial future as well. Naturally, this open discussion
about information and resources that can help them repair and
rebuild their credit. Because we often receive questions about the credit counseling requirement
from clients, we’ve provided some helpful information about the course:
- The credit counseling course should be completed at least 24 hours prior
to filing your petition. You may not be able to file your petition on
the same day as completing your course.
- Your attorney needs to have documentation, such as a certificate of completion,
on hand when your petition is filed or you cannot proceed with filing a case.
- Some debtors have a lot of questions about the cost, what is done during
the course, and what happens if you fail. The course is affordable and
your attorney can recommend options that are inexpensive. You can complete
the course in the privacy of your own home with government-approved agencies
via phone, internet or in-person. You will be asked questions regarding
your personal situation and gain useful information you can use in the future.
Keep in mind, in order to receive a discharge of debts at the end of your
case you need to complete a second course: Financial Management. It is
the same deal as the first course with different useful content (managing
money, budgeting, etc.) and can be done over the phone, via internet or
in-person through an approved agency.
Achieving better financial health is a comprehensive journey that requires
diligence and smart financial habits – habits you can gain by working
with our firm and educating yourself on credit management. To learn more
about credit counseling or to discuss your situation and whether bankruptcy
is an option for you,
contact Allmand Law Firm, PLLC for a FREE financial empowerment session.