Credit Counseling

Experienced Chapter 7 and Chapter 13 Bankruptcy Lawyers

Credit Counseling Explained
Several years ago, Congress changed the bankruptcy laws and made credit counseling a pre-requisite for Chapter 7 and Chapter 13 Bankruptcy.  Now days, in order for a person to file for bankruptcy, they must complete credit counseling 180 days before they submit their petitions to a U.S. bankruptcy court.  During a typical credit counseling session, people will be provided with an in-depth financial evaluation.  They will then be advised on the bankruptcy process, how bankruptcy will impact their assets and what they should expect as they file for Chapter 7 or Chapter 13.
Who Can Perform Counseling:  only those people or agencies that are approved of by the U.S. Trustee Office may perform legitimate credit counseling.
Cost:  on average, the cost for credit counseling is $50.
Duration:  a typical credit counseling session lasts between 60 to 90 minutes.
After Counseling:  people who complete credit counseling will receive a certificate of completion that can only be issued by the U.S. Trustee Office.

Debtor Education Program Explained
Aside from having to complete credit counseling, people must also complete a debtor education program.  The debtor education program must be completed after people have submitted their Chapter 7 or Chapter 13 bankruptcy petitions and have had their mandatory meeting with their bankruptcy trustees.  During the debtor education program, people will be provided with information about life after bankruptcy and will also be given tips and advice on debt management.  Debtor education may be conducted online, on the phone or in person.
Who Can Perform Counseling:   debtor education must be provided by a person or agency that as the approval of the U.S. Trustee Office.
Cost:  the typical cost for debtor education is $50 to $100.
Duration:  the average debtor education program lasts between 1 to 2 hours.
After Counseling:  people who complete debtor education will receive a certificate of proof from U.S. Trustee Office. 

Contact The Prescott Bankruptcy Law Firm to get out of debt today!

The Prescott Bankruptcy Law Firm helps people throughout Prescott, Arizona file for Chapter 7 and Chapter 13 Bankruptcy and also represents victims of creditor harassment.