What can credit counseling do for you?

If you recently looked into filing for bankruptcy, you may have heard the term credit counseling.

Before you will be able to file for bankruptcy, you are required to take an approved credit counseling course as a way to determine if bankruptcy is your best option. Credit counseling is mandatory when applying for both Chapter 7 and Chapter 13 bankruptcy even if a payment plan will not be feasible for your situation. Once you complete the course you will be given a certificate stating you completed the course. In some instances a repayment plan is proposed; if so, you must submit this to the court as well. After your bankruptcy begins, you will be required to take another course teaching you financial management skills.

The new skills you learn during credit counseling will put you on your way to financial freedom.

Call the law office of Attorney Erwin F. Meiers, III to discuss your bankruptcy and credit counseling options.

Experiencing increasing calls from debt collectors?

Are incessant phone calls from debt collectors and credit counseling companies driving you nuts? Are you stuck in a rut and the bills are piling up?

Have you considered bankruptcy?
Bankruptcy is a debt solution available to help you start back on the track to financial freedom.

What is bankruptcy?
Bankruptcy is an option available to consumers who cannot afford to repay debts owed. The most common type of bankruptcy filings are Chapter 7 and Chapter 13. Chapter 7 is a form of bankruptcy in which the debtor must liquidate their assets. Whereas, Chapter 13 allows the debtor to retain their assets while making scheduled payments on the debt.

How will it affect my credit score?
While filing for bankruptcy will appear on your credit report, it doesn't mean your credit has been compromised entirely. With good payment history after bankruptcy you may be eligible to apply for lines of credit after only a few years.

As with any legal matter make sure you obtain professional advice prior to making a decision. You have questions, we have answers. Contact us to discuss your bankruptcy options.