Credit Counseling Requirements for Bankruptcy

Credit Counseling Requirements for Bankruptcy

Making the decision to file for bankruptcy isn’t always an easy one. When an individual is struggling financially, they may not be sure about deciding to file because of the fear of long-term repercussions. However, bankruptcy can be a great tool that sets up an individual for a future of financial success and allows them to get rid of the debts that are weighing them down. It is important to note that before an individual can file for bankruptcy, they have to fulfill the requirement of taking part in credit counseling.

Credit counseling must be completed within the 180 days prior to the date in which the individual files for bankruptcy. Though this counseling can be done over the phone, online, in person, in a group, or individually, it must be completed with an approved credit counseling agency. When an individual goes to credit counseling, they may work to assess their finances and try to come up with a debt management plan. Only after the individual has completed the credit counseling course will they be able to file for bankruptcy.

It is important to note that the bankruptcy court may allow an individual facing emergency bankruptcy to file before attending counseling. However, the individual may have to complete the counseling requirement within 30 days of filing.

If you have questions about filing for bankruptcy, contact our firm today.

Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation.