 |
 |
 |
| Chapter 7 Bankruptcy Success - Credit Counseling | |||
|
Listen to David Siegel's Personal Message
|
|
|||||||||||||||
Chapter 7 Success Lawyers Chicago - Credit Counseling Credit CounselingLet’s talk a little bit about credit counseling. It’s a term that been bandied about within bankruptcy as well as outside of bankruptcy. What in the world is credit counseling as it relates to a bankruptcy case? Well, that’s another one of the changes from the old law to the new law. The old law didn’t require anything like that. You could just file your petition. There would be no problem, go through it and that would be that. Under the new law, you’re required to do actually two credit counseling sessions. The first is more like a briefing. It does talk about credit counseling a little bit too. But, it also informs you of your rights and responsibilities, the rights under all of the different chapters. And that’s something you have to take before you actually file a bankruptcy petition. You want to make sure that you’re advised and you’re informed of all those things. That typically costs about $50.00. It’s available on the internet and available from a phone call and that’s something that you have to do. The other credit counseling class is a class that you have to take after you’ve already filed a petition, but before you get any type of discharge. And that typically is longer and it’s more comprehensive. It’s about a two hour class. It’s available in person and over the internet as well. Now again there is a fee for those things. It’s independent of anything that would be paid to a bankruptcy attorney or anything like that. Now, that appears that a separate cottage industry has been developed with anybody who wants to file a Chapter 7 bankruptcy. That there is going to be a $100.00 from what you’re saying that’s going to be placed somewhere else with some other entity in order for one to qualify for your bankruptcy relief, right? That’s absolutely right. But, there are strict requirements for those credit counselors. I don’t believe that anybody could simply come out of the woodwork and hang a shingle up and be able to do that. You have to be approved and there are many other requirements as well. But, yes, it is definitely a new industry.
|
|
| This website contains legal information, and not legal advice. It's content refers only to the law of the United States. | ||
| Law Offices of David M. Siegel Chicago, IL |
||
| We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
1 After Filing |
||
| Chicago New York Dallas Los Angeles San Diego San Jose Indianapolis Philadelphia Phoenix San Antonio Las Vegas | Site map | |
Discover how chapter 7 works 
