Bankruptcy and Bankruptcy Counseling Resources

Before Filing Bankruptcy

Considering bankruptcy? These articles are here to help you understand the process and decide if bankruptcy is the right path for you.

Should you file for bankruptcy?

Bankruptcy is a difficult process, but it can be a lifesaver in many circumstances. Here are some the signs that bankruptcy might be your best option.

Options that may help you avoid filing for bankruptcy

Many bankruptcies are caused by unforeseen emergencies. In fact, the most common catalysts to payment problems are medical expenses, layoffs, divorce, and overspending. Based on this knowledge, there are a few simple things you can do to avoid future problems.

How does a bankruptcy impact your credit score?

Regardless of the type of bankruptcy you declare, it will likely have a considerably negative impact on your credit. How long that damage lasts and how easy it is to recover from depends on a number of factors.

Personal Bankruptcy and Homeownership

If you own a home, and are considering filing for bankruptcy, you are probably wondering how bankruptcy will affect your homeownership. 

Understanding the types of personal bankruptcy

Consumer bankruptcy comes in two forms: chapter 7 and chapter 13. Since the requirements and steps involved in each are quite different it's important to understand which is which and why one may be more beneficial to you than another.

Glossary of Bankruptcy Terms

The process of filing for bankruptcy can be stressful and frustrating, and the terminology used may sound foreign and unfamiliar. Understanding these terms, however, is important as bankruptcy can be a life-changing event.

Bankruptcy and Recovery

Content covering the bankruptcy process, from filing to discharge to recovery.

Your Rights When Filing for Bankruptcy

Bankruptcy laws are complicated, and it’s often difficult to tell what your rights are when filing for bankruptcy, and what has to be done under law. Consumers do have some rights when filing for personal bankruptcy. Understanding these rights can help you make informed decisions about your financial future.

How to Get a Bankruptcy Counseling Certificate

A bankruptcy counseling certificate is required to complete the bankruptcy filing process. It's required to ensure that all bankruptcy filers are properly educated about the bankruptcy process. Here's how you can get your own bankruptcy counseling certificate.

How to Get a Chapter 7 Bankruptcy Education Certificate

A bankruptcy education certificate is required to complete the filing process for a chapter 7 bankruptcy. It's required to ensure that all bankruptcy filers are properly educated about the bankruptcy process prior to the discharge of their debts. Here's how you can get your own bankruptcy education certificate.

Recovering from personal bankruptcy

While bankruptcy does serve to help you obtain a fresh start with your debts, there may be some ramifications. Personal bankruptcy remains on your credit report for ten years, although that does not necessarily mean you won’t be approved for any credit before then.

  • The Consumer Federation of America (CFA) is an association of nonprofit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education. Today, nearly 300 of these groups participate in the federation and govern it through their representatives on the organization's Board of Directors.
  • The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.

  • Since 2007, the Homeownership Preservation Foundation (HPF) has served as a trusted, neutral source of information for more than eight million homeowners. They are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury.

  • The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.

  • The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.

  • The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.