Credit Counseling & Bankruptcy in Kane County

Credit Counseling Requirement when Filing for Bankruptcy

Prior to filing for Chapter 7 or Chapter 13 bankruptcy, it is a requirement, under federal law, to complete a credit counseling course. This credit counseling must be completed through an accredited agency within 180 days prior to filing for bankruptcy. The purpose of counseling is to examine your debt and ensure that bankruptcy is the only option that will offer relief from that debt. Once you have completed the counseling, the agency you received the counseling from will grant you a certificate of completion, which you must file no later than 15 days after the date you file for bankruptcy. Additionally, if you have created a repayment plan, the agency will give you a copy of this plan.

Where to Turn for Financial & Legal Help

At the Law Office of Joseph P. Doyle, our Kane County bankruptcy attorney can help you find an accredited agency where you can complete the credit counseling quickly so that your bankruptcy can proceed. We are committed to helping our clients, on a one-on-one basis, throughout every step of the process, including answering your questions about the credit counseling requirements and advising you correctly so your bankruptcy moves forward without problems.

During a credit counseling course, your income, expenses, assets will be reviewed. You and the agency that is providing the course will discuss options other than bankruptcy that may help you alleviate your debt, or may recommend that you file for bankruptcy in many case. A budget plan will also be created to pay off your debts. If it is determined that you do not have the means to pay back your debt, the agency will confirm that bankruptcy is the best feasible option. The law only requires that you receive credit counseling; it does not require you to proceed with any budgeting plan that the agency proposes; even if that budget plan is potentially workable. If a budget plan is created, however, you are required to submit it with the documents that certify you completed the legally required credit counseling.

Contact an Experienced Kane County Bankruptcy Lawyer

The Law Office of Joseph P. Doyle is experienced with assisting clients who are interested in filing for bankruptcy. We will help you assess your financial situation and will answer any questions you may have about credit counseling and filing for bankruptcy. Contact us today. We look forward to working with you and helping you get your finances back on track, and freeing you from crushing debt.