Credit Counseling and Filing Bankruptcy under the New Bankruptcy Law

Aug. 3, 2010 - PRLog -- It is necessary for debtors to complete court approved credit counseling before filing a bankruptcy petition. This credit counseling must have been carried out and completed within 180 days before the date of petition. Now you can even file bankruptcy online as many companies like Bankruptcyonly have websites with short and easy to fill in forms.


There many ways a debtor required to undergo bankruptcy credit counseling necessary for filing bankruptcy can undertake counseling. Some of these ways are: phone credit counseling, internet credit counseling or group or individual credit counseling thru court approved bankruptcy credit counseling agencies. Non profit budget and credit counseling agencies must meet strict requirements by law. The new bankruptcy law says that the U.S. Trustee’s office must approve such counselors based on the required criteria.
Under the new bankruptcy law debtors are finding it more difficult filing Chapter 7 Bankruptcy successfully. As more and more Americans found it easy to escape credit card debt thru bankruptcy, credit card companies lobbied for bankruptcy law to avoid or postpone bankruptcy filing. This should provide sufficient time for the creditors to enact bankruptcy legal advice to get a legal binding on the case.

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Getting in touch with a bankruptcy attorney is very important for a debtor to understand personal bankruptcy information. Court approved credit counseling can charge only within set limits for the entire counseling. This limit is set for $50.00 per debtor per counseling prior to filing bankruptcy. Such debtors are entitled to a completion certificate of the respective counseling agency. This certificate is a necessary document to be filed along with the debtor’s bankruptcy petition.

Businesses can make available their Chapter 11 Bankruptcy Information to undergo reorganization and continue their business while paying their debts in a systematically affordable manner. Individuals previously thinking of personal bankruptcy can now be diverted to file Chapter 13 Bankruptcy by their attorneys.

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This is mutually beneficial as the debtor gets to keep his assets and the creditors are assured of their debts being paid back http://www.bankruptcyonly.com