A lot of debtors who are preparing for Kentucky bankruptcy proceedings are not aware that they must fulfill their debtor education and credit counseling requirements in order to complete the bankruptcy process. Generally, credit counseling happens prior to the bankruptcy filing and debtor education happens after the filing.
It is important to be aware that no debts will not be discharged until after the filer presents certificates of completion for the debtor education and credit counseling requirements. Furthermore, the certificates must be awarded by U.S. Trustee Program accredited debtor education and credit counseling providers.
Although these programs may seem like a hassle, they are actually very helpful, and more Americans could benefit from this kind of training — even those who do not have debt problems. For example, the debtor education course will prepare individuals to continue their lives debt-free long after their bankruptcy proceedings have concluded. Bankruptcy filers will learn excellent tools and strategies for creating a budget, managing their finances and making sure that they do not fall into debt again. Furthermore, the credit counseling component before filing bankruptcy is intended to ensure that filers are fully aware of what they are getting into before they initiate the process of discharging their debts.
Kentucky residents who are drowning in debt need to know there are solutions available to help them get out of their difficult situations. One of those solutions is the bankruptcy process; however, different types of remedies may also be appropriate in some circumstances. A qualified Kentucky bankruptcy attorney will be able to evaluate a debtor’s situation and determine whether or not bankruptcy or another solution is a good match for his or her needs.
Source: United States Courts, “Credit Counseling and Debtor Education Courses,” accessed Feb. 19, 2016