When considering bankruptcy, most people feel forlorn. They may feel as if they’ve failed, but that’s certainly not true. In fact, it’s far from the case. Though it may be discouraging to be so far in debt, bankruptcy is a way to get a fresh start. Some may have made bad financial choices and are now in over their heads, but others, due to circumstances beyond their control, have more debt than they can ever hope to repay and need relief. Bankruptcy can give them the relief they need. Laws now stipulate that those planning to file for bankruptcy protection must complete pre-filing credit counseling before their lawyers in Springfield Missouri can file any paperwork with the court. The pre-filing credit counseling classes help those considering bankruptcy know all their options before they make their final decision.

When choosing a pre-filing credit counseling class, it’s imperative to ensure that the class chosen is an approved class. Each judicial district has a list of approved providers and the class selected must be chosen from the list. It’s usually suggested that the debtor call a few of the listed providers and choose one that best fits their needs. Most classes will help the debtor understand the various types of bankruptcy and what the differences are between Chapter 7, Chapter 11 and Chapter 13. The class will also discuss, based on the debtor’s income and debt, their personal financial situation and what other options they may have available as an alternative to bankruptcy. Most classes will also discuss the importance of properly managing money to avoid a similar situation from occurring again in the future. This is a necessary lesson for most, to encourage financial stability and success after their bankruptcy discharge. When the pre-filing credit counseling class is successfully completed, the debtor will receive a certificate of completion. The certificate is usually given to the bankruptcy attorney, who will forward it to the appropriate judicial district.

No one looks forward to filing bankruptcy, but if the debtor uses the experience to become wiser about managing money, bankruptcy can be an opportunity to get a fresh start and begin again.

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