Credit Counseling - A Necessary Requirement of Personal Bankruptcy
Credit counseling can be a good alternative for individuals considering bankruptcy or anyone struggling to make financial ends meets.
Credit counseling is an excellent choice for young people venturing out on their own or newly married couples who desire to start off with strong financial traction.
Credit counseling is offered in most major U.
S.
cities and populated towns.
Although most agencies charge a fee for counseling services, there are non-profit counseling centers that offer no- or low-cost services to qualified participants.
With today's economic recession and high rate of unemployment many Americans are facing financial cataclysm.
Many are tempted to file bankruptcy to avoid foreclosure or end creditor harassment.
Filing bankruptcy should always be the final choice when trying to reorganize debts.
Not only does bankruptcy remain on credit reports for up to ten years, it can prevent borrowers from obtaining credit in the future and may even affect their ability to find suitable employment.
In 2005, Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act.
BAPCPA requires all debtors to undergo credit counseling prior to obtaining bankruptcy approval.
The Department of Justice established the U.
S.
Trustee Program which provides a list of approved credit counseling agencies across the nation.
Experts recommend using one of the Trustee Program's approved agencies prior to filing bankruptcy.
With their assistance, debtors might be able to avoid bankruptcy altogether.
If not, they will have obtained the required credit counseling from an approved agency.
Should debtors choose to obtain credit counseling from agencies outside the Trustee Program, financial experts recommend conducting research prior to signing any contracts.
One of the most reliable resources for verifying a company's credentials is the Better Business Bureau.
Not only does the BBB provide corporate information, they also verify if a company is in good standing or has complaints filed against them.
MyMoney.
gov is another reputable source for credit counseling.
This program was established by the U.
S.
Financial Literacy and Education Commission.
MyMoney.
gov offers a free "My Money" toolkit which provides brochures, pamphlets and a wide array of money management information and financial resources.
Last, but not least, public libraries are an excellent source for obtaining financial information.
Libraries contain an abundance of books, videos and home study courses on a wide range of money management topics including household budgeting, eliminating credit card debt and personal investing strategies.
Gaining control of finances is very empowering.
Anyone who desires to overcome credit challenges can achieve their goals by taking time to become educated about money management.
Take time to learn strategies that can help you pay off credit cards, reduce or eliminate debts, build an investment portfolio and become proficient in finances.
Credit counseling is an excellent choice for young people venturing out on their own or newly married couples who desire to start off with strong financial traction.
Credit counseling is offered in most major U.
S.
cities and populated towns.
Although most agencies charge a fee for counseling services, there are non-profit counseling centers that offer no- or low-cost services to qualified participants.
With today's economic recession and high rate of unemployment many Americans are facing financial cataclysm.
Many are tempted to file bankruptcy to avoid foreclosure or end creditor harassment.
Filing bankruptcy should always be the final choice when trying to reorganize debts.
Not only does bankruptcy remain on credit reports for up to ten years, it can prevent borrowers from obtaining credit in the future and may even affect their ability to find suitable employment.
In 2005, Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act.
BAPCPA requires all debtors to undergo credit counseling prior to obtaining bankruptcy approval.
The Department of Justice established the U.
S.
Trustee Program which provides a list of approved credit counseling agencies across the nation.
Experts recommend using one of the Trustee Program's approved agencies prior to filing bankruptcy.
With their assistance, debtors might be able to avoid bankruptcy altogether.
If not, they will have obtained the required credit counseling from an approved agency.
Should debtors choose to obtain credit counseling from agencies outside the Trustee Program, financial experts recommend conducting research prior to signing any contracts.
One of the most reliable resources for verifying a company's credentials is the Better Business Bureau.
Not only does the BBB provide corporate information, they also verify if a company is in good standing or has complaints filed against them.
MyMoney.
gov is another reputable source for credit counseling.
This program was established by the U.
S.
Financial Literacy and Education Commission.
MyMoney.
gov offers a free "My Money" toolkit which provides brochures, pamphlets and a wide array of money management information and financial resources.
Last, but not least, public libraries are an excellent source for obtaining financial information.
Libraries contain an abundance of books, videos and home study courses on a wide range of money management topics including household budgeting, eliminating credit card debt and personal investing strategies.
Gaining control of finances is very empowering.
Anyone who desires to overcome credit challenges can achieve their goals by taking time to become educated about money management.
Take time to learn strategies that can help you pay off credit cards, reduce or eliminate debts, build an investment portfolio and become proficient in finances.
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