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According to the Federal Trade Commission, the Consumer Protection Act of 2005 requires people to go through credit counseling before they file for bankruptcy. People must also complete a debtor education course before their debts are discharged. People who plan to go through pre-bankruptcy credit counseling must not go through pre-discharge debtor education at the same time. You must go through credit counseling before you file for bankruptcy. A pre-bankruptcy counseling session will help you to evaluate your financial situation. You will also discuss alternatives to declaring bankruptcy. A pre-bankruptcy counseling session will last somewhere between 60 and 90 minutes. You can attend your session in person, online or over the phone. If you cannot afford your counseling fee, you can apply for a fee waiver before the session begins. Typically, the price for a pre-bankruptcy counseling session will be around $50. Once you have completed your counseling session, you must obtain a certificate of proof. You should first check to see if the counseling group's certificate is one accepted in your Judicial District. Federal Trade Comission: Information About Credit Counseling and Debtor Education U.S. Trustee Program: List of Credit Counseling Agencies Approved Pursuant to 11 U.S.C.Requirements
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How long is credit counseling good for in a bankruptcy?
by Answerbag Staff on July 10th, 2010
| 1 person likes this
How do I find a reputable debt counseling company?
by Answerbag Staff on June 10th, 2010
| 1 person likes this
I have a large credit card debt and looked in my local paper and found a site offering to wipe my debt are these companies any good?
by MilesS on October 3rd, 2008
| 1 person likes this
Does Bank of America participate in debt counseling?
by Answerbag Staff on July 6th, 2010
| 1 person likes this
How do those credit card debt relief companies work? Is it legitimate?
by Romiex69x on June 3rd, 2008
| 4 people like this
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