When you file for bankruptcy, you will be required to take credit counseling classes with the intention of helping you improve your financial situation after the bankruptcy process is complete. These classes can be taken either in person, over the phone or online. Some people find these classes to be very beneficial and feel that they really guide them to a future of financial success. When you file for bankruptcy, it will take some time to repair your credit. With the assistance of credit counseling classes, you can learn how to repair your credit quickly and find ways to protect yourself from falling into debt again.
This requirement applies to both consumer and business bankruptcies. Your bankruptcy attorney or the United States Trustee Program can advise you in the direction of an approved credit counseling agency, including those with courses that are offered in languages other than English. You will also be required to complete a debtor education course, but please note that this does not occur at the same time as your credit counseling course. The debtor education course is completed after you file for bankruptcy.
How will I pay for my course?
One of the major concerns that many people have when looking to take their credit counseling course is how they will pay for the program. After all, they are already filing for bankruptcy so the thought of any additional cost may cause them stress. If you can not afford to pay for the required credit counseling course, you may qualify for a fee waiver, depending on which agency you take the course with. Those who have a household income of less than 150-percent of the national poverty level should be granted either a reduced fee or a complete fee waiver. You should also be aware that you may have to pay an additional cost to actually receive the certificate of program completion.
Though not being able to repay your debts may feel overwhelming, you may want to think of bankruptcy as an opportunity to clear your slate and get a fresh start on your financial future. If you are considering bankruptcy, it is essential to consult with an experienced bankruptcy attorney who can provide you with the guidance you need to get a fresh financial start.
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.