Before filing your Dallas bankruptcy, it is mandated that you complete a credit counseling course. This is a mandatory step toward filing for bankruptcy whether it is Chapter 7, Chapter 11 or Chapter 13, but it is also a useful service for many individuals who may need guidance in their personal or business finances, and can be seen in some cases as an alternative to filing for bankruptcy altogether. Here are some of the services a credit counseling bureau provides.
Credit Counseling Offers Flexibility
Credit counselors can work with creditors to help renegotiate and reduce your debt. This can mean a lower overall settlement than simple bankruptcy, depending on the willingness of the creditors to cooperate with your counselor. In addition, the counseling process guides you through your own debt situation in a way that seeks to educate you about making sound financial decisions and avoiding future debts.
Be sure you are engaging the services of an approved credit counseling company, which you can determine by talking with your bankruptcy lawyer or obtaining a list from the courts. Many businesses out there exist to take advantage of the debtor, offering services they cannot provide at fees the debtor cannot afford, leaving him worse off than ever in return for his business. An approved company has been vetted by the court system and will work with you toward a better financial future.
Whether you end up deciding to file for bankruptcy or if credit counseling results in a restructured debt, the service is invaluable for those suffering from debt and looking for answers.