Few realize that in the U.S you are mandated by the federal government to receive Credit Counseling prior to being able to file for Chapter 7 or Chapter 13 Bankruptcy. This counseling session is designed to explore your situation in minute detail and determine if you or your business can find a viable alternative to filing for bankruptcy. The session includes an in depth analysis of your budget and also explores your financial management plan and is personalized for every individuals situation.
You will be required to have certain information with you in order for the counselor to understand your personal situation. Items such as a list of your assets and property, your expenses, as well as, your income and deductions and a list of creditors will all be necessary to accurately gauge your financial health. Make sure to seek the advice of a qualified bankruptcy lawyer if you have any questions or concerns regarding this process.
After you have completed the counseling session, a certificate will be issued to both you and your bankruptcy attorney. This process has to be completed within a 180 days before filing for bankruptcy. The fee is the same whether you are filing individually or have joint filers attached to your claim. After completion the Non-profit Consumer Education Service is responsible for the issuing of the certificate. The information you receive can prove to be invaluable and can assist you in a myriad of ways. Be sure to seek professional advice whenever you have questions or concerns.