Monday, May 29, 2017
Why Do I Have To Go Through Credit Counseling To File Bankruptcy?
Filing bankruptcy will help you to get out of debt, but for some people the idea of actually having a case prepared is nerve wracking. While there is no longer any social stigma associated with taking bankruptcy, some people still feel embarrassed or uneasy about not being able to pay their debts. There are also those that think bankruptcy won’t help them, or that they will not be allowed to file a case and so wait longer than is necessary to take the first step. And, we all know there are a lot of rules to filing a case; for some those rules seem too much of a hurdle to overcome to get a case on file. But with the right bankruptcy attorney by your side, all of these concerns are addressed and you can rest easy knowing you have made a good decision.
One of the requirements to file a case is that each person who files goes through credit counseling both before their case is filed, and before their case ends. This course does take a bit of time, but in the grand scheme of things the time required to complete the course is small compared to the big benefits of filing a case and seeing it through to completion. You may wonder why this requirement even exists, and here are some of the reasons for it:
• Bankruptcy exists to give the honest, but unfortunate debtor a fresh start. Filing for bankruptcy is not supposed to give you a leg up, it is just supposed to give you a chance to catch your breath and start over.
• When the rules were rewritten in 2005 there was a lot of concern about abuse of the system, and people filing over and over again without learning from past financial mistakes. The credit counseling is designed to give an education on money that will help to prevent the need to file a subsequent case.
• Budgeting tips are helpful regardless of your financial condition, and that is part of what you will get when you take the credit counseling required to file a bankruptcy case.
In most instances you can take these courses online in just a few hours. That type of time commitment is worth the benefits you get in bankruptcy. It is well worth your time to take a short course if it means you get to eliminate or reduce burdensome debt.
For more information about what to expect when you file for bankruptcy, contact us today at www.law-ri.com. We will help you come up with solutions that work for your family, and have multiple locations where we schedule appointments so you can make a choice that is convenient for you.