Before debtors will be allowed to file bankruptcy The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has made it compulsory for all the debtors to go for credit counselling. Credit counselling was made mandatory to ensure that each and every debtors understood their options before they file for bankrupt.
No, doubt credit counselling is the best option for those who is going to file bankruptcy but there are some traps in credit counselling to be aware of.
First you have to complete credit counselling session within 180 days prior to your
bankruptcy filing. It is mandatory to complete credit counselling if you go to court to file your bankruptcy. Otherwise, your petition for bankruptcy will be dismissed in court. It means that you wont get rid from your creditors. The main purpose of your filing bankruptcy is to save yourself from the legal actions taken by the creditors against you.
The second most important thing is getting your counselling approved by the The second most important thing is getting your counseling approved by the credit counselor. Department of Justice’s US Trustee Program approved credit-counseling services. However, there are some places where court officials known as bankruptcy administrators approve credit counseling services.
Make sure that the credit counselling company is listed in the Department of Justice's website to whom you are going for counselling. Moreover, don't forget to receive your certificate after getting your credit counselling is done. Otherwise your case will be dismissed in bankruptcy court if you don't have the certificate.
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Hi, This would be great Post. Thank you. In conclusion, filing for bankruptcy is not good as it will have a negative impact on a person’s credit record and history. It will also take a very long time to repair a credit record. So before finally deciding to file for a bankruptcy, think about all the consequences first. Of course to some it’s the only option left, and there is life after bankruptcy.
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