Having a hard time paying your bills? Do they seem like they just keep adding up? A lot of people in this situation think that filing for bankruptcy is the easy way out. In all reality, bankruptcy should be your very last resort. Most people do not understand the long term effects of this course of action they are also unaware that there is a very extensive process that happens before and after you file for bankruptcy.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 states that people who plan to file for bankruptcy protection are now required to receive counseling from an agency that is government approved within a six month period before filing. After filing bankruptcy a debtors education course must be completed. The Department of Justice has a U.S Trustee Program wherein only counselors and educators that appear on the program’s list can counsel you. By law the U.S. Trustees Program cannot operate in Alabama and North Carolina because they have what are referred to as Bankruptcy Administrators.
The credit counseling and debtor education might not take place at the same time. But it is necessary to complete both for those who are...
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