If an individual is filing for personal bankruptcy in Tulsa, OK, they are required to obtain credit counseling from a government-approved organization within 180 days before they file their petition, according to the Federal Trade Commission. While the U.S. Trustee Program does offer a list of counselors who are approved to provide credit counseling, a Tulsa, OK bankruptcy lawyer can also help a person locate a counselor who can help them satisfy this requirement. When it comes time for an individual to file for bankruptcy, they will be required to provide their certificate showing them completed credit counseling.
What can a person expect during their credit counseling session?
When an individual meets with an approved credit counseling organization, they can expect the following to occur:
- Their personal financial situation will be evaluated.
- They will discuss alternatives to bankruptcy.
- A personal budget plan will be discussed.
The Federal Trade Commission says a typical session may last anywhere from 60 to 90 minutes and can be done in-person, on the phone, or online. Although credit counseling sessions do come at a price, those who cannot afford to patriciate may be able to do so for free if they obtain a fee waiver from the counseling organization prior to their session. Once an individual has completed their session, they will want to be sure they receive their certificate of completion.
Are individuals who file for personal bankruptcy also required to complete a debtor education course?
Yes, in addition to getting credit counseling, an individual must also complete a debtor education course, although this is done after they have filed for bankruptcy. Debtor education courses provide individuals with information on:
- Creating a budget.
- Managing money.
- Using credit wisely.
Debtor education courses are also offered in person, over the phone, and online and usually run a bit longer than credit counseling courses. These courses do cost between $50 and $100, according to the Federal Trade Commission, although a debtor can request to have their fee waived if they are unable to afford it. After a debtor has completed their debtor education course, they should also receive a certificate which will need to be submitted before any of their debts can be discharged.
As a reminder, those who are considering filing for bankruptcy in Tulsa must choose a credit counseling organization and a debtor education course provider who has been approved by the U.S. Trustee and is approved in the judicial district where they intend on filing.
Should a debtor hire a Tulsa, OK bankruptcy attorney?
It can definitely benefit a debtor to hire a bankruptcy lawyer as they will walk them through the entire process and ensure they meet all requirements. The bankruptcy process can be intimidating and confusing and it is important for a debtor to have someone working by their side who can guide them and protect their interests. If an individual is considering filing for bankruptcy and would like more information on the process, they can contact the Henson Law Firm, PLLC at 918-551-8995.
The Henson Law Firm, PLLC is located at:
601 S. Boulder, Suite 600
Tulsa, OK 74119
*We are a debt relief law firm in Tulsa, Oklahoma.
*We help people file for bankruptcy relief under the Bankruptcy Code.