Cost of Credit Counseling Class for Bankruptcy

Cost of Credit Counseling Class for Bankruptcy

The costs of credit counseling courses for bankruptcy vary depending on your specific situation. If you are a single filer and wish to take the online course it will cost about $29. If you are joint filers wishing to take the online course it will be around $39. To do the course over the telephone and in person the cost will go up about $10 respectively. Bankruptcy court requires that you complete a certified credit counseling course, and if it is not completed your case could be dismissed.

There are a lot of people that need to file for bankruptcy, and if you find yourself in the same boat then a credit counseling course can help provide you with the education you need to get out of debt. A trained counselor can help you find the confidence you need to start fresh in life.

What to look for in Credit Counseling:

You will want to find a credit solutions company that has knowledgeable and experienced counselors to help you. They will work together with you so that you can make well informed financial decisions. A good credit course will assist you in completing a financial review which will assess your income and expenses and help you tailor your budget to your specific needs. The purpose of a credit solutions agency is to help you prepare for the future. Unfortunately there are a few programs out there that are mostly interested in getting your money. Be sure that you work with a government approved non-profit agency.

Counseling for Chapter 7 Bankruptcy:

Chapter 7 bankruptcy is the most common of the different types of bankruptcy. Filing for chapter 7 is often referred to as liquidation because the debtor is required to consolidate most of their assets and turn them over to the creditor in an effort to pay back the money that they owe. Chapter 7 allows for a discharge of almost all debts but there are few limitations on what a creditor can take and what is exempt.

Chapter 13 Bankruptcy Counseling:

Chapter 13 bankruptcy is better suited for someone who still has a steady income. In Chapter 13 the debtor will be responsible for paying the debt that they owe over a 3-5 year period. In a 2005 revision of bankruptcy law chapter 13 was more encouraged because it holds people more responsible for paying back their debts. No matter what type bankruptcy you file for though, you will still be required to complete a credit/debt counseling course.

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