Where To StartStep #1 is to use our free bankruptcy evaluation below to get more information about bankruptcy.
Available OptionsAs with anything, the sooner you act, the more options you will have. Start on our free evaluation below.
Rebuild Your CreditAfter bankruptcy, your bills will be lower, but it's crucial to rebuild your credit ASAP. We'll here you there too!
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The Credit Counseling Briefing
Whether you decide to file bankruptcy protection under Chapter 7 or Chapter 13, you’ll have to first complete a credit counseling briefing. Credit counseling often allows you to avoid bankruptcy, because the counselor can negotiate a debt management plan to help you repay the debt without the need for bankruptcy. credit counseling can be much better for your credit and just as effective. This process can reduce interest rates on revolving credit accounts and establish a fixed repayment plan. This can be a great benefit for those who have interest rates at 30%. Credit counseling can also help improve the trade lines on your credit report, once you've established a good payment history on the new plan.
This requirement was introduced by the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005. This means that you’ll have to:
Receive a briefing from an accredited credit counselor - Various outlets offer credit counseling in person, over the phone and online. The briefing is designed to inform you of your non-bankruptcy options for eliminating debt (including counseling, negotiation and debt settlement) and to make sure that bankruptcy’s protections are reserved for those who truly need them.
File your certificate of completion with the court - Once you’ve completed your briefing, you’ll receive a certificate of completion. Your lawyer must file this with your bankruptcy petition; otherwise, your case could be dismissed.
Once you’ve completed this requirement, the conditions you’ll have to meet depend on which type of personal bankruptcy you’re filing.
To get help immediately, including credit counseling, simply use the form on the left to request your free evaluation. We'll answer any questions you may have and make sure you are qualified to file bankruptcy.
"In many cases, credit counseling can be a great alternative to filing for bankruptcy. But it's not always your best choice. The credit counseling briefing will help you determine this."Should you decide to move forward with credit counseling or a debt management program, rather than bankruptcy, you can expect a debt reduction of about 20%. Many companies advertise reducing your debt up to 50% or even 80%, but very few, if any, people will see results like that. A good negotiation would be around 25% and a bad negotiation would be around 10%.
But if a reduction of 20% would be enough to keep you out of bankruptcy, then you should seriously consider it. This will save you some trouble when trying to repair your credit after you recover. Credit counseling can be better for your credit than bankruptcy. Get started now by using the free evaluation form on the left of this page.
Filing for bankruptcy doesn't have to be scary, just make sure it's your best option before moving forward.
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Learn about everything you need to know about the Bankruptcy Courts here!
