Bankruptcy News

Undergo Credit Counseling Before Filing For Bankruptcy

Approval Process for Credit Counseling and Debtor Education Courses United States Bankruptcy Administrator Program

United States bankruptcy administrators in Alabama and North Carolina are accepting applications for approval of credit counseling agencies or debtor education course providers as required by the Bankruptcy Abuse and Consumer Protection Act of 2005 ("2005 Bankruptcy Act").

The 2005 Bankruptcy Act requires all individual debtors who file bankruptcy on or after October 17, 2005, to undergo credit counseling within six months before filing for bankruptcy relief and to complete a financial management instructional course after filing bankruptcy.

The 2005 Bankruptcy Act directs the bankruptcy administrator to assess and approve credit counseling agencies and debtor education course providers, according to statuory criteria, and requires the Clerk of Bankruptcy Court to maintain a publicly available list of approved credit counseling agencies and debtor education course providers.

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	Did You Know?
	Chapter thirteen is common for individuals with regular income Chapter 13 is designed for individuals with regular income who are temporarily unable to pay their debts but would like to pay them in installments over a period of time. You are only eligible for chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code.