Advantages of Credit Counseling
It is essential to note that you cannot fulfill your credit counseling and debtor education requirements simultaneously. Instead, credit counseling occurs prior to bankruptcy filing and debtor education follows. As you fulfill these requirements, you will receive a numbered certificate that protects against fraud.
During your session of credit counseling, you will:
•Evaluate your current financial situation. This enables you to evaluate your debts, assets, and income to determine your future strategy. Regardless of the steps you take to recover financially, you cannot truly experience a new beginning until you have a thorough understanding of your current situation. Because bankruptcy offers you the opportunity to reorganize and discharge debts, it is essential to comprehend your debts so you can choose the best option.
•Explore the available options. One of the objectives of credit counseling is to confirm that declaring bankruptcy is truly the best option. You will investigate other options, which you can only do once you have a comprehensive understanding of your financial situation. Exploring numerous options is unquestionably beneficial, but you should avoid doing so in order to avoid bankruptcy. Consider the advantages carefully, and you will likely conclude that filing for bankruptcy is your best option.
•Develop a financial plan. Whether you pursue an alternative or file for bankruptcy, you must have a budget that allows you to achieve your objectives. Without a strategy, the solution you choose will fail, and you may even fall behind on payments once more. This is particularly essential if you are filing for Chapter 13 bankruptcy, in which your debt is reorganized and you must maintain a monthly payment plan.
The search for credit counseling can be difficult, but if you know the right questions to ask, you'll be able to locate a service that can provide genuine assistance. Ask questions such as:
•How will my financial information be protected?
•What are the costs?
•How will you assist me in developing a plan for the future?
•How do you pay your employees?
In addition to asking these questions, you will also need to confirm that the credit counseling service is authorized to satisfy your bankruptcy requirements. You can accomplish this by contacting the bankruptcy clerk's office in your district.""
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