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In order to file bankruptcy in Nevada (and elsewhere in the United States), you?ll have to undergo a certain amount of consumer education. This is required both before you file and before the court agrees to erase your debts.
The first step in applying for Chapter 7 or 13 bankruptcy is receiving credit counseling. This requirement was added by Congress in 2005 as part of a general effort to make it more difficult for consumers to apply for bankruptcy protection.
A consumer petitioning for bankruptcy must undergo a credit counseling course offered by a an agency that has been approved U.S. Trustee. You must do this within 180 days before filing a bankruptcy petition. These courses can be completed in person, online or by phone. If you don?t do it, your petition will be dismissed.
Credit counselors will closely examine your financial situation with you and explore whether you have alternatives to declaring bankruptcy. These might include arranging payment plans with your creditors, for example. Primarily credit counseling is a screening step, meant to weed out consumers who have tuned to bankruptcy without exhausting their other options. Even if your counselors suggest repayment, you can still file for bankruptcy.
More debtor education is required later in the bankruptcy process as well. Before the court will finally discharge your debts at the end of your Chapter 7 or Chapter 13 proceedings, you will have to complete a so-called debtor education course.
Unlike credit counseling, which focuses on your present situation, this two-hour course is all about the future. It teaches you skills for budgeting, saving and smart credit management.
If you?re seeking Chapter 7 protection, this course must be completed within 60 days of your creditor meeting. If you?re seeking Chapter 13 protection, it must be completed before you make the last payment on your repayment plan.
The U.S. Trustee maintains a list of acceptable agencies providing credit counseling and debt education courses. It can be found at www.justice.gov/ust under ?Consumer Information,? then ?Credit Counseling & Debtor Education.? Credit counselors can be found under ?Credit Counseling for Consumers,? while debtor education programs can be found under ?List of Approved Debtor Education Providers.?
If you?re seeking credit counseling to help resolve your debt, you should also discuss your situation with a bankruptcy attorney. Debt management is a complicated legal field, and a qualified professional can help you make the right decisions? about your financial problems.
William Doyle wrote this article on behalf of Nevada Bankruptcy Lawfirm Deluca & Associates. Check out their Bankruptcy Law Blog for more information about bankruptcy in Nevada.
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