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Receive credit counseling before filing for Chapter 13

When Ohio residents realize they are in a difficult financial situation, they may consider filing for Chapter 13 bankruptcy. Many people may not know that before they file for bankruptcy, they generally have to receive credit counseling.

Credit counseling usually helps people understand their financial situation. The Consumer Financial Protection Bureau says that a credit counselor generally sits down with people to look over their finances. During these sessions, people may look at their credit report and the credit counselor might show people how to create a budget. People may also learn money management strategies. People typically meet with a counselor for about an hour.

Many people may think they do not need credit counseling because they are filing for bankruptcy. According to Nerd Wallet, a court sometimes requires people to attend credit counseling before beginning the bankruptcy process. This is because people may sometimes think that bankruptcy is their only option. Sometimes, though, a person may be able to fix his or her financial situation through other means, and credit counseling can help identify these options. If bankruptcy is the best choice for a person, then a credit counselor can also help someone understand how bankruptcy will affect his or her finances. 

Once they attend a credit counseling session, people may think they do not need to attend another one. However, many courts may also want people to receive more credit counseling before finalizing the bankruptcy. This is because one of the goals of bankruptcy is to help people get a new financial start. It is a good idea for people to learn about successful money management so they do not need a second bankruptcy later on. 


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