If you have an overwhelming amount of debt and you are unable to pay your bills, you may need to declare bankruptcy. Since filing for bankruptcy is one of the most important decisions a person could ever make about their finances, pre-bankruptcy credit counseling is required to understand what you're getting into and how you can succeed at regaining your financial freedom back.
The following are the benefits of bankruptcy credit counseling in Richmond, VA:
- Gives you complete understanding of both the benefits and disadvantages related to bankruptcy
- Bankruptcy credit counseling provides you other options for your debt scenario prior to officially filing for bankruptcy
- Allows you to make an educated decision as to whether or not bankruptcy is the right choice for your specific financial situation
Expectations for credit counseling include:
- Credit counselor will focus on your income and expenses
- Your budget will be accessed
- You'll receive a basic overview of how the bankruptcy process unfolds
- You must be ready to explain the history of your financial issues
- Your counselor will help you figure out if you can resolve your debt through a repayment plan or an alternative method without declaring for bankruptcy
- You'll be receiving an action plan that is personally based on your income and expenses
- At the end of the session, you will receive a certificate for completing the course.
In order to file a petition for bankruptcy, it is mandatory to complete the course. However, you are not required to take the Virginia credit counseling if you are on active military duty in a combat zone or you are physically or mentally impaired to such an extent that you can't fulfill the course.