Are you considering filing for bankruptcy? This video is a good guide to credit counseling. Here are some things you need to know.
Filing for bankruptcy is a major undertaking with huge consequences.
Before filing for bankruptcy, one is required by law to undertake credit counseling to ascertain your drastic move.
A credit counselor evaluates the counselee’s financial situation, provides alternatives to bankruptcy, and helps them devise a budget plan.
The average cost for a counseling course is between $25 to $50, depending on your agency. However, many counseling agencies waive the fee if they determine you can’t afford to pay.
A Certificate of course for credit counseling is valid for up to 6 months — 180 days — after the date of course completion.
It takes between 60 minutes to 90 minutes to complete a bankruptcy counseling course. The sessions are confidential and must be carried out by approved providers.
Bankruptcy counseling services provide a cheap and great way to help consumers get a strategic viewpoint on their finances and their best available options.