Credit Counseling And Bankruptcy

budget, credit counseling

The decision to file for bankruptcy is not an easy one to make but the outcome can offer considerable relief with the reduction of debt. The intention is that if you are filing for bankruptcy you will get a fresh start on your finances. Under bankruptcy law, prior to filing for bankruptcy you must take a credit counseling course in which you would disclose your income, assets, and debts. The purpose is to make sure that you will be able to manage your budget and expenses, as well as to rule out other options to bankruptcy which could offer an alternative.

The Walker Law Firm works with bankruptcies throughout the Greater Dothan, Alabama area and can advise you on credit counseling and debtor education.

After the bankruptcy petition has been filed, you would be required to take a debtor education course which offers strategies on how to maintain a budget and demonstrate that the petitioner has been educated in basic, personal financial management.

Both courses must be filed before the final order for discharge can take place

The good news is that the court approved credit counseling agencies are non-profit and relatively inexpensive, and that both courses can be taken online. If you are considering filing for bankruptcy and wondering what to expect as far as credit counseling or any aspect of the bankruptcy process, call our Dothan, Al Law Firm today for a FREE consultation.