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Why must I do credit counseling in order to pursue bankruptcy?

Bankruptcy is a legal process and it is not completed without the filer suffering some consequences. For example, after completing the personal bankruptcy process a Tennessee resident may find that their credit is affected and that they are having trouble getting loans. Bankruptcy helps individuals get out from under financial burdens, but it is not an easy process to fulfill.

In order to provide prospective bankruptcy filers with information about their finances and options, individuals who wish to pursue Chapter 13 or Chapter 7 bankruptcy must complete courses on credit counseling. These courses help individuals assess their monetary situations and guide them through their options for getting out of debt with the protection of the bankruptcy court. At the end of one's credit counseling course they may find that they can alleviate their economic burdens without engaging in the process, or they may feel confident that bankruptcy is the best way for them to eliminate their debts.

Approved credit counseling courses must meet certain standards that are mandated by bankruptcy laws. Individuals can take these courses in person or may have options to take them online, but courses must be tailored to meet the individual's financial needs. Also, credit counseling courses must be reasonably priced and individuals who are financially struggling may be able to secure fee waivers for their courses.

Completing a credit counseling course is only one of the many requirements a person must fulfill in order to engage in and complete the personal bankruptcy process. Before starting one's own bankruptcy process, it can be advisable for debtors to discuss their needs and options with attorneys who work in the debt relief and bankruptcy fields for case-specific support.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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