Mandatory Credit Counseling for Those Considering Bankruptcy

Most Americans are aware of the sweeping changes in U.S. bankruptcy law that were made by Congress recently. These changes, strongly supported by the credit card industry, were designed to make it more difficult for Americans to file for bankruptcy under Chapter 7 of the Federal bankruptcy code. Chapter 7 allows consumers to essentially have all of their debts wiped away by the court. While many people will still be able to file under Chapter 7, many more will have to file under Chapter 13, which requires the establishment of a repayment plan. A less publicized provision of the bankruptcy bill is the one that requires debtors who are considering filing for bankruptcy to first undergo credit counseling. What does this mean for consumers?
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Debt a Glossary of Terms

Bankruptcy - Having been legally declared financially insolvent. There are two types of bankruptcy - liquidation, in which your debts are cleared (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts.
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What Happens at the Chapter 7 Court Date?

Article describes the events that take place at the Chapter 7 bankruptcy court date.
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Bankruptcy Facts

Knowing that you need to better understand this topic I recommend that you take five minutes to read what we have to say. Since bankruptcy is a place that seems to be hit more people it is best to know some bankruptcy facts. These facts can help you to understand what happens when you claim to be bankrupt. The first fact that you will need to interpret is that filing for bankruptcy is not the end of the world.
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