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Understanding Credit Counseling

When filing for bankruptcy, there are specific requirements that must be adhered to in order for the bankruptcy judge to accept your petition for bankruptcy or to allow final discharge of bankruptcy debt. The New Jersey bankruptcy lawyers of Minion & Sherman help consumers understand the procedures and requirements involved in filing for bankruptcy in New Jersey.

You Are Required To Take Credit Counseling Courses As Part Of The Bankruptcy Process

The changes to federal bankruptcy laws in 2005 established credit counseling requirements for all individuals seeking bankruptcy help. With these bankruptcy law changes, any debtor seeking bankruptcy must complete and obtain a certificate of completion of an approved credit counseling course and a financial management course:

  • Credit counseling course: Debtors must obtain a certificate of completion of a credit counseling course prior to filing the bankruptcy petition. Pre-bankruptcy credit counseling educates debtors about the options available to them.
  • Financial management course: You must obtain a certificate of completion of a financial management course prior to the final discharge of your bankruptcy debt. This pre-discharge counseling session enables debtors to confront financial setbacks and learn how to avoid habits that would cause the debtor to return to the same financial turmoil.

Although brief credit counseling sessions are now a requirement, these sessions are also beneficial for most debtors. An experienced credit counselor will evaluate your income compared to your lifestyle and spending habits and can make recommendations on how to live within your means.

There are countless organizations that offer pre-bankruptcy and pre-discharge credit counseling services in New Jersey. Many of these courses are available online or over the phone. We can provide you with resources available to New Jersey consumers facing the prospect of bankruptcy. Then, we can help you determine if bankruptcy is the right option for you. We assist clients with filing for bankruptcy under Chapter 7 or Chapter 13 of the Bankruptcy Code.

Call 973-559-5791 Today For A Free Consultation

We understand that selecting a bankruptcy lawyer can be challenging. That is why we offer free initial consultations as well as after-hours appointments. You can consult with an experienced bankruptcy attorney and learn how we can assist you free of charge. Contact us for experienced legal counsel in Essex County, Passaic County, Hudson County, Somerset County, Union County and Morris County.

We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.