You may be unable to withstand the financial burden you are under anymore and desperately need to file for bankruptcy. Firstly, we would like to show our sympathies toward you and your current situation, and we would like to do anything to help. The first way we can do so is by reminding or informing you that you cannot declare bankruptcy until you complete a credit counseling course. For further explanation, please follow along to find out the reason why a credit counseling course is required and how a proficient Louisville, Kentucky consumer bankruptcy lawyer at Schwartz Bankruptcy Law Center can help you do all the right things before bringing your bankruptcy forms forward.
Why is a credit counseling course required before bankruptcy?
Essentially, in your meeting with a credit counselor pre-approved by the United States Trustee Program, you may learn the extent of your current financial situation and the best approach for handling it. In other words, you may realize that you can use debt relief solutions alternative to bankruptcy. This may save you and the Kentucky bankruptcy court a lot of time, all while preventing a bankruptcy history from unnecessarily appearing on your credit report for years to come.
Namely, your counselor may look at your current income sources, monthly expenses, and the outstanding balances you owe to creditors to create a comprehensive and feasible budget and repayment plan. They may even work on your behalf to file for a debt consolidation loan or negotiate a debt settlement agreement with your creditors, among other helpful approaches.
Understandably, you may be aware enough of your current financial situation to know that this is no manageable alternative resolution that a credit counselor can offer you. Well, there are very limited circumstances in which you may be exempt from this mandatory bankruptcy step. For one, you may claim that you cannot participate because you are incapacitated, have a disability, or are on active military duty in a combat zone. Or, you may prove that there is no pre-approved agency available in your district, or at least not one that uses a language you understand.
What should I know about a debtor education course?
Similar to how you must submit your credit counseling course certificate of completion with your initial bankruptcy forms, you must file a debtor education course certificate of completion at the tail-end of your bankruptcy proceedings. Essentially, this course is supposed to ensure you have the financial knowledge and tools necessary to ensure that you will never have to file for a Chapter 7 or Chapter 13 bankruptcy ever again. Importantly, a failure to do so may translate into a failure to get your eligible debts exempt.
All of this to say, the time to act is now. Please pick up the phone or message us at Schwartz Bankruptcy Law Center. Surely, a talented Louisville, Kentucky consumer bankruptcy lawyer on our team will be the perfect fit for your upcoming bankruptcy case.
