Attend Credit Counseling

Federal bankruptcy laws now require that debtors attend credit counseling at certain points during bankruptcy proceedings before receiving a discharge of their debts. Debtors must attend credit counseling with a credit counseling agency approved by the U.S. Trustee's office, which oversees bankruptcy cases. This initial counseling must be completed by debtors even before filing their bankruptcy petitions. Once debtors complete the requisite counseling and file their bankruptcy petition and related documents, the bankruptcy process varies to some degree based on the type of bankruptcy relief that the debtors are seeking. However, federal bankruptcy laws now mandate that debtors complete additional credit counseling, again, at an approved credit counseling agency, prior to receiving bankruptcy relief in whichever form it is sought.

Fast Facts

    The average American spends $1.22 for each dollar they earn.
  • The average American's revolving debt has increased by about 31% over the last five years.

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