Bankruptcy Credit Counseling Requirements
If you have decided to move forward with bankruptcy, you are required by federal law to complete an approved credit counseling program prior to filing. In addition, as a pre-requisite to receiving a discharge, you will be required to participate in a financial management course. It is important that you understand and comply with these two statutory requirements. Our attorneys will guide you through this process while discussing your options with you.
At Klafter & Mason, L.L.C., our bankruptcy attorneys will provide you with a list of bankruptcy court approved credit counseling programs in New Jersey. Contact our office today to schedule a free initial consultation to discuss your financial situation, bankruptcy options, and counseling requirements.
Meeting the Counseling Requirement May Be Easier Than You Think.
In October 2005, changes were made to the federal Bankruptcy Code that changed eligibility requirements for Chapter 7 bankruptcy proceedings and modified the landscape for Chapter 13 bankruptcy filings . A new requirement was also added requiring all individual debtors to receive credit counseling from an approved program prior to filing a bankruptcy petition, and to participate in a financial management course before receiving a discharge in either a Chapter 7 or Chapter 13 proceeding. The philosophy behind these requirements is that this additional education will assist debtors in their journeys toward financial freedom and further provide the necessary tools to successful manage their financial lives such that they do not encounter financial distress again .
Participating in the mandatory credit counseling programs does not involve long complicated sessions. In fact, the approved agencies are extremely user friendly. Though counseling can take place in person, there are also programs available for telephone and Internet counseling. Additionally, the time spent in credit counseling can be as little as 30 minutes. After your successful completion of the credit counseling session and the financial management course, the agency you choose will forward the applicable completion certificate to your attorney for filing with the Bankruptcy Court.
Contacting Our Office Is the First Step Toward a New Financial Beginning.
If you are ready for a fresh financial start, contact Klafter & Mason, L.L.C. Our bankruptcy lawyer, Gary L. Mason, will personally guide you through the bankruptcy process, making sure all requirements are properly met so that your financial problems are competently handled.
Call 866-219-2495, 732-410-6321 or e-mail us to schedule a free initial consultation. Our office is handicapped-accessible and is conveniently located just fifteen minutes from the New Jersey Turnpike and the Garden State Parkway. Parking is free.