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Counseling is necessary for a bankruptcy filing

Some people think that filing bankruptcy is an easy way out of debt, but this isn't at all the case. Instead, it is often the avenue of last resort for people who have tried desperately to take control of their financial situation. One thing that you might not realize is that filing bankruptcy isn't a fast option either.

Before you file for bankruptcy, you have to go through credit counseling through an approved agency. This roughly one-hour session is meant to try to find ways that you can take control of your finances without having to file for bankruptcy. It will also go over some of the important points that you need to be aware of if you file.

You and the counselor will go over your budget and finances so that you will have to tools to help you with the money matters in your life during and after the bankruptcy. You will get a certificate showing that you did the counseling so that you are able to file for bankruptcy.

The education you will receive during the bankruptcy won't end there. Once you file, you will have to take a debtor education course. This course, which lasts two hours on average, will reiterate some of the points that you learned in the credit counseling. It will also go over how to use credit in the future.

This is only part of what you will go through if you are planning on filing for bankruptcy. Ultimately, you need to make sure that you understand all of the requirements you will have to comply with to have your debts discharged at the end of the process.

Source: FindLaw, "Bankruptcy: Counseling Before Filing," accessed March 30, 2018

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