Personal Bankruptcy Information Is More Important Today Than Ever Before

April 12, 2010 - PRLog -- In 2005 the world of Bankruptcy changed with a new law known as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 or in shorter parlance the “new bankruptcy laws”. Now personal bankruptcy information is needed to be sure you understand the new laws.  With limited exceptions, people who plan to file for bankruptcy protection must get credit counseling from a government-approved organization within 180 days before they file. They also must complete a debtor education course to have their debts discharged.

Apply Here To File For Bankruptcy : [ http://www.loansstore.com/apply-bankruptcy.php ]

There are requirements to be meet to be successful in the bankruptcy process

As a rule, pre-bankruptcy credit counseling and pre-discharge debtor education may not be provided at the same time. Credit counseling must take place before you file for bankruptcy; debtor education must take place after you file.

In general, you must file a certificate of credit counseling completion when you file for bankruptcy whether it’s a chapter 13 bankruptcy plan or a medical bill bankruptcy which is often covered in chapter 7 and evidence of completion of debtor education after you file for bankruptcy – but before your debts are discharged or you can get a chapter 7 bankruptcy discharged.. Only credit counseling organizations and debtor education course providers that have been approved by the U.S. Trustee Program may issue these certificates. To protect against fraud, the certificates are produced through a central automated system and are numbered.

Counseling is an important part of the bankruptcy process and you need to use it

A pre-bankruptcy counseling session with an approved credit counseling organization should include an evaluation of your personal financial situation, a discussion of alternatives to bankruptcy, and a personal budget plan. A typical counseling session should last about 60 to 90 minutes, and can take place in person, on the phone, or online. The counseling organization is required to provide the counseling free of charge for those consumers who cannot afford to pay. If you cannot afford to pay a fee for credit counseling, you should request a fee waiver from the counseling organization before the session begins. Otherwise, you may be charged a fee for the counseling, which will generally be about $50, depending on where you live, the types of services you receive, and other factors. The counseling organization is required to discuss any fees with you before starting the counseling session. This should not impact a bankruptcy attorney.

Once you have completed the required counseling, you must get a certificate as proof.

Check the U.S. Trustee’s website to be sure that you receive the certificate from a counseling organization that is approved in the judicial district where you are filing bankruptcy. Credit counseling organizations may not charge an extra fee for the certificate.
You should take your time and be careful to find the right attorney and don’t be pressured
Do some research when choosing a credit counseling organization. If you are in search of credit counseling to fulfill the bankruptcy law requirements, make sure you receive services only from approved providers for your judicial district. Some key questions to ask are:

   What services are offered?
   What are the fees?
   Can I afford it?
   What are their qualifications?

Once you know this you can decide if this is the right choice for you. Making the right choice the first time can save a lot of time and effort down the road.

# # #

Provide free filing bankruptcy counseling on when to file bankruptcy. We make online filing for bankruptcy a lot easier. Get free bankruptcy services, advice and help. Know more about new bankruptcy law. http://www.loansstore.com/filing-bankruptcy/