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Bankruptcy: Counseling & Education |
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More Advice Team |
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I am five months behind on my credit card payments due to long term unemployment. I see no option but to file for bankruptcy. I understand there were some changes to the law. Can you tell me what to expect? - Julie
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Julie,
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), made some sweeping changes to the former bankruptcy law. For starters, consumers are now required to attend a bankruptcy counseling session prior to filing and a money management education course prior to discharge. Call 877-918-2227 to schedule your appointment.
The Advice Team |
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I filed Chapter 7 bankruptcy. My lawyer told me that I need a certificate to complete the process. How do I get the certificate? How long will it take? -Mark |
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Mark,
The Bankruptcy Education course is two hours in length. The course includes information on the basics of budget development, money management strategies, the wise use of credit and identifying community resources. A certificate will be issued upon completion of the course. You can take a bankruptcy education course in a Classroom, on the Telephone or online using WebEX.
To register for a class, call 866-745-2227.
The Advice Team |
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I have one question. How should you determine if it is better to file for bankruptcy, or to enlist in a debt consolidation service? -Lisa |
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Dear Lisa,
It is wise to research all of your options. I recommend that you speak with a trained credit counselor that can help you fully assess your financial situation. It may be possible to establish a debt repayment plan that is agreeable to both you and the lender. Some of the benefits include lowered interest rates, consolidated monthly payment and ceased collection efforts. If a repayment plan is not possible, our agency also provides the necessary counseling to allow you to move forward with the bankruptcy process.
Good luck,
The Advice Team |
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I understand I need a certificate? I sure hope you can help so I can move on. My attorney suggested your company and he is waiting for the certificate so he can do what he needs to do. -Brad |
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Dear Brad,
The certificate you are referring to is issued at the completion of a bankruptcy counseling session. Our agency is approved by the Executive Office of the United States Trustee* to provide the necessary bankruptcy pre-filing counseling. To schedule your appointment, simply call us at 877-918-2227.
The Advice Team
* Approved to issue certificates in compliance with the Bankruptcy Code. Approval does not endorse or assure the quality of an Agency's services. EOUST regulations do not apply to residents of NC or AL. |
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I'm in the middle of a divorce and I can't seem to get out of the pile of debt that was accumulated in our marriage. It seems I was "awarded" the bulk of the credit card debt, which is around $40k. I pay about $1k in child support. I currently make $85k plus bonuses. But, I can't seem to make it to the next paycheck without checks bouncing. I'm 34 yrs. old and I'm considering filing Chapter 13. Do you have any suggestions? Signed - At Wit's End |
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Dear At Wit’s End,
Unfortunately, this is a rather common problem. In fact, divorce is one of the top reasons consumers seek assistance from MMI. Like those before you, I recommend that you meet with a trained credit counselor. During your counseling session, your counselor will review your overall financial situation, discuss possible solutions and make recommendations for you to consider. With your creditor’s cooperation, it may be possible to repay the debt and still live comfortably.
Good luck,
The Advice Team
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