It is a necessary step in the entire process. It is possible to make the process much easier by knowing bankruptcy counseling.

The Bankruptcy Abuse Prevention and Consumer Protection Act obliges consumers to complete a prefiling session. The counselor typically begins by asking you about your specific goals in terms of finances, as well in requesting permission to obtain copies from your credit history.

After that, you’ll need to talk with your counselor to create a budget. They help you see your budget, as well as the money you have come in every month and what it needs to be allocated to.

The counselor then will create an action plan. It is a long-term plan with immediate goals designed to help you improve your financial control. The bank will provide you with a copy of the bankruptcy petition along with a certification of that you are a part of the plan. If you’re required to file for bankruptcy, these forms could be helpful.

For more information about bankruptcy counseling, you can refer to the accompanying video.

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