If you're planning on filing for bankruptcy, knowing what to expect can be one of the best ways to eliminate unnecessary stress. In 2005, several changes were made to established bankruptcy laws, and these could affect if and how you decide to file. One of the biggest changes regards pre-filing requirements, which now include the completion of a credit counseling course.
Within 180 days prior to filing, a debtor has to find a government-approved organization providing the necessary course. This must be an organization approved by the U.S. Trustee, and located in your judicial district, the same in which you plan to file for bankruptcy. The counseling usually costs about fifty dollars, depending on the services provided, but for those who cannot afford to pay, you can request a fee waiver from the organization before it occurs.
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While this new requirement may sound intimidating, it actually lasts between an hour or two, and may be completed over the phone, online or in person. The counseling session usually consists of an evaluation of your current financial state and an exploration of whether bankruptcy is really the best option. A personal budget plan can also be crafted at this time, which if filing for Chapter 13 can come in handy later as the first draft of your repayment schedule.
When it comes to preparing for the session, you may need pay stubs, a list or estimate of monthly living expenses and valuable assets, and an accurate summary of all secured and unsecured debts. Having these things at the ready before your session will be a big help. You'll also want to take some time in choosing a counseling organization, as some vary in qualifications, accreditation status and available services.
Once you've participated in the counseling session, you need to acquire a certificate of completion. This will be filed along with your petition; without the certificate, which is provided by the U.S. Trustee, your case will be dismissed. Check with the Trustee's office or your district bankruptcy clerk's office to find a reliable and approved credit counseling institution.
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