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Credit Counseling for Bankruptcy

What is Credit Counseling?

Credit counseling also known as as debt counseling is a process that involves offering education to consumers about how to avoid incurring debts that cannot be repaid through establishing an effective Debt Management Plan and Budget. Credit counseling is usually less typified by functions of credit education or the psychology of spending habits; rather credit counseling establishes a planned method of debt relief, typically through a Debt Management Plan.

Credit counseling often involves negotiating with creditors to establish a debt management plan (DMP) for a consumer. A DMP may help the debtor repay his or her debt by working out a repayment plan with the creditor. DMPs, set up by credit counselors, usually offer reduced payments, fees and interest rates to the client. Credit counselors refer to the terms dictated by the creditors to determine payments or interest reductions offered to consumers in a debt management plan.

When does someone have to do the credit counseling? Do they have to do it before they file?

Many times a person is required to take the credit counseling prior to the individual filing their bankruptcy

On Sched F, it asks co debtor Husband, Wife, Joint or Comm. What should someone check? They are filing single but married and all the parties debt is in their name. In addition, it says contingent, un liquidated, disputed?

All the debt you incurred during your marriage is Community debt, even though it is in your name only. So you would not check "Co-debtor", and would put "C" in the "Husband, Wife, and Joint, or Community" column. Contingent, Un-liquidated, and Disputed all mean the amount due to the creditor is not yet known.

Bankruptcy options, what is exempt?

Exemptions are list of properties that are beyond the reach of your creditors. These are items that you cannot lose because you file for bankruptcy protection. The bankruptcy trustee appointed in your and your creditors cannot sell off these properties to satisfy your debts. The list of exempt properties is numerous. The links below have lists of your major exemptions:
http://www.bankruptcyaction.com/kyexemptions.htm
http://www.pricelawgroup.com/Bankruptcy-Exemptions/Kentucky-Bankruptcy-Exemptions.aspx

Can someone files and not affects their spouse’s credit?

Since the individual’s social security number is simply the only one that would be on the bankruptcy petition then yes the individual can file bankruptcy and it not affect a spouse’s credit.

If someone settled a lawsuit, 2 years ago the terms was structured over 3 years are out of court settlements discharged?

Yes, the settlements will be released in the individual’s bankruptcy case once all debts are paid.

There are times that you need answers to your tough questions — questions that may be too sensitive for you to consult a friend or co-worker. Sometimes, you may want to discuss your issues with a neutral party who is experienced in the legal area that you are dealing with. If you are having issues with Credit Counseling or just need answers to your questions pertaining to a Credit Counseling you can ask Experts. Experts answer many of the legal questions related to a Credit Counseling in an efficient and knowledgeable manner.
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