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Considering Bankruptcy?


Credit.org is an Executive Office for United States Trustees ‘EOUST‘ approved agency. Our experienced financial coaches work with people in all stages of their financial life, including the challenging decision of bankruptcy.

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COACHING
SESSION 1

Before Filing Bankruptcy

Before filing for bankruptcy, you are required to complete a pre-filing bankruptcy education session with an EOUST approved credit coach.


What To Expect

  1. 1. Our coaches will provide the required bankruptcy education
  2. 2. We will create a personalized family budget so that you can make the best, most financially sound choice for you and your family.

COACHING
SESSION 2

After Filing Bankruptcy

After filing for bankruptcy and before your debts can be discharged, you must receive financial education from an EOUST approved agency.


What To Expect

  1. 1. Our award-winning coaches will cover a variety of topics focusing on financial and budgeting material.
  2. 2. Our goal is to provide you and your family with the knowledge and tools needed to successfully manage your personal finances.

Any Questions?

Talk with a coach today

1 (888) 425-3453

How We Can Help

As a consumer, it’s critical that you work with an approved agency like credit.org, whose main objective is to assist you in completing your mandatory requirements so you can file your bankruptcy petition and ultimately receive a bankruptcy discharge.

Our certified and experienced financial coaches are here to assist you in understanding the advantages and disadvantages of bankruptcy, as well as your available options.

As part of our commitment to you, our trained coaches will help you create a livable household budget and spending plan that can help you manage your finances in the future.

Credit.org’s bankruptcy coaching and debtor education programs are affordable and can be completed by telephone, internet or classroom. Our trained credit coaches will work with you and your attorney to make sure that you complete your two bankruptcy requirements so you can move forward with your bankruptcy. The requirements are:

A Counseling Completion Certificate

In order to file your bankruptcy petition you must complete a mandatory budget briefing session with an approved credit counseling agency, like credit.org. A certificate of completion will be issued within three (3) business days of completing the Pre-filing Credit Counseling course to you and or your attorney and will be valid from 180 days from the date of completion of counseling. Click here to view the counseling fee outline. Click here for your bankruptcy coaching session.

A Debtor Education Completion Certificate

If you file a bankruptcy petition with the court, you will be required to complete an approved 2-hour debtor education course.The timeframe to complete this requirement varies based on which Chapter you file. If a Chapter 7 bankruptcy petition is filed, you will have 60 days to complete the approved debtor education course from the time of the § 341(a) Meeting of the Creditors. If a Chapter 13 bankruptcy petition is filed, the time allotted to complete an approved debtor education course could be much longer. If a Debtor Education Completion Certificate is not obtained by the required due date, the case may be closed by the court and the debts in your bankruptcy petition may not be discharged. In your coaching session with credit.org, your coach will go over and assist you with the debtor education requirement. Click here for your bankruptcy education course.

Bankruptcy Basics

To help you have a complete understanding of the different bankruptcy options available to you, we have outlined the four Chapters of the Bankruptcy Code available to individual consumer debtors:

Chapter 7

Liquidation (total fee collected by the courts at filing: $299). Additional Fee: To obtain your Pre-petition Counseling from credit.org, the fee is $55 for counseling over the phone with one of our certified counselors, or $45 for counseling via the internet. This is required if you plan to file a Chapter 7. Click here to learn more or call credit.org at 1-888-425-3453 to speak to a counselor or schedule an appointment.

  • Chapter 7 is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. Debtors whose debts are primarily consumer debts are subject to a “means test” designed to determine whether the case should be permitted to proceed under Chapter 7. If your income is greater than the median income for your state of residence and family size, in some cases, creditors have the right to file a motion requesting that the court dismiss your case under § 707(b) of the Code. It is up to the court to decide whether the case should be dismissed.
  • Under Chapter 7, you may claim certain of your property as exempt under governing law. A trustee may have the right to take possession of and sell the remaining property that is not exempt and use the sale proceeds to pay your creditors.
  • The purpose of filing a Chapter 7 case is to obtain a discharge of your existing debts. If, however, you are found to have committed certain kinds of improper conduct described in the Bankruptcy Code, the court may deny your discharge and, if it does, the purpose for which you filed the bankruptcy petition will be defeated.
  • Even if you receive a general discharge, some particular debts are not discharged under the law. Therefore, you may still be responsible for most taxes and student loans; debts incurred to pay non-dischargeable taxes; domestic support and property settlement obligations; most fines, penalties, forfeitures, and criminal restitution obligations; certain debts which are not properly listed in your bankruptcy papers; and debts for death or personal injury caused by operating a motor vehicle, vessel, or aircraft while intoxicated from alcohol or drugs. Also, if a creditor can prove that a debt arose from fraud, breach of fiduciary duty, or theft, or from a willful and malicious injury, the bankruptcy court may determine that the debt is not dischargeable.

Chapter 13

Repayment of all or part of the debts of an individual with regular income (total fee collected by the courts at filing: $274). Additional Fee: To obtain your pre-petition counseling from credit.org, the fee is $55 by telephone or $45 by Internet. This is required if you plan to file a Chapter 13. Click here to learn more or call credit.org at 1-888-425-3453 to speak to a counselor or schedule an appointment.

  • Chapter 13 is designed for individuals with regular income who would like to pay all or part of their debts in installments over a period of time. You are only eligible for Chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code.
  • Under Chapter 13, you must file with the court a plan to repay your creditors all or part of the money that you owe them, using your future earnings. The period allowed by the court to repay your debts may be three years or five years, depending upon your income and other factors. The court must approve your plan before it can take effect.
  • After completing the payments under your plan, your debts are generally discharged except for domestic support obligations; most student loans; certain taxes; most criminal fines and restitution obligations; certain debts which are not properly listed in your bankruptcy papers; certain debts for acts that caused death or personal injury; and certain long term secured obligations.

Chapter 11

Reorganization ($1000 filing fee, $39 administrative fee: Total fee collected by the courts at filing: $1039)

  • Chapter 11 is designed for the reorganization of a business but is also available to consumer debtors. Its provisions are quite complicated, and any decision by an individual to file a Chapter 11 petition should be reviewed with an attorney.

Chapter 12

Family Farmer or Fisherman ($200 filing fee, $39 administrative fee: Total fee collected by the courts at filing: $239)

  • Chapter 12 is designed to permit family farmers and fishermen to repay their debts over a period of time from future earnings and is similar to Chapter 13. The eligibility requirements are restrictive, limiting its use to those whose income arises primarily from a family-owned farm or commercial fishing operation.
DISCLOSURE: BANKRUPTCY LAW IS A FEDERAL LAW. THIS PAGE GIVES YOU SOME GENERAL INFORMATION ABOUT WHAT HAPPENS IN A BANKRUPTCY CASE. THE INFORMATION HERE IS NOT COMPLETE. YOU ARE ENCOURAGED TO OBTAIN LEGAL ADVICE. THIS INFORMATION WAS TAKEN DIRECTLY FROM THE BAPCPA LAW.

About the Law

If you are considering bankruptcy, it is important to have a clear understanding of the law so that you can Since the enactment of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), filing for bankruptcy has become more complex. One of the most important changes to the bankruptcy law was the requirement of a “means test” for Chapter 7 petitioners. The means test is used by the courts to determine eligibility for Chapter 7 or Chapter 13 bankruptcy. To apply the means test the courts first look at the debtor’s average income for the 6 months prior to filing and compare it to the median income for your state. If the income exceeds the median, then the intention of the means test is to decide whether a petitioner has enough disposable income to pay back debts. If the disposable income after certain allowed expenses exceeds a certain amount, a Trustee or creditor may file a motion to dismiss a Chapter 7 bankruptcy or convert the bankruptcy into a Chapter 13 case. Many other changes have been made since the enactment of BAPCPA. Consult legal counsel for details on other changes which may affect your decision to file bankruptcy. Any individual who decides to file bankruptcy must now undergo the two mandatory requirements below in order to get debts discharged:

Requirement 1: Pre-petition Credit Counseling

An individual may not be a debtor bankruptcy unless they complete an individual “Pre-filing Credit Counseling” course with an approved, Nonprofit Budget and Credit Counseling Agency, like credit.org, during the 180-day period preceding the date of filing the bankruptcy petition. A certificate of completion will be issued within three (3) business days of completing the Pre-filing Credit Counseling course in order to file a bankruptcy petition. Click here to view the counseling fee outline. 

Requirement 2: Debtor Education Course 

Once an individual has completed their Budget Briefing Session and filed their bankruptcy petition, that individual must complete an approved personal financial management instructional course by an approved educational provider, like credit.org, before they can be eligible to receive a bankruptcy discharge. Credit.org has been approved by the Executive Office for United States Trustees to provide the required Pre-petition Credit Counseling, Pre-discharge Debtor Education and issue certificates in compliance with the bankruptcy code under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 for residents in all judicial districts (states) except the following: Alabama and North Carolina.

Approval does not endorse or assure the quality of agency’s services. Please feel free to email us with any questions you might have at bkfeedback@bkhelp.org. Please check back often as we will continue to update this section to provide valuable information and resources.

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Considering Bankruptcy FAQ’s

Do I need to meet with an attorney before I can speak to a coach at credit.org?

You do not! You can speak to a financial coach at credit.org before or after you meet with an attorney.

How long will I have to wait for a coaching appointment at credit.org?

We have certified bankruptcy coaches standing by, ready to take your call and answer any questions you may have. No appointment is necessary. Simply call us at 1-888-425-3453 to speak directly to a financial coach at your convenience.

How long will the coaching session take?

In accordance with the bankruptcy law, The Executive Office for United States Trustees requires that you participate in a counseling session that may take up to 90 minutes or longer. Sessions may be slightly longer or shorter depending on your situation, the amount of information to be gathered, and the number of questions you may have. We will spend all the time needed to answer your questions and make sure you have a complete understanding of your options.

How much does credit.org charge for their services?

The fee for Pre-filing Credit Counseling is $55 for counseling by telephone or in person and $45 over the internet. This fee is for either single or joint counseling. A Certificate of completion will be issued within three (3) business days of completing the Pre-filing Credit Counseling course and will be valid one hundred eighty (180) days from the date of completion of counseling. We do not charge an additional fee to generate your certificate.

The fee for Pre-discharge Debtor Education Counseling is $59 by telephone or in-person, or $55 through the internet. This fee is for either single or joint counseling. If Pre-filing Credit Counseling was also received from credit.org, the fee will be $49 by telephone or in person or $35 through the internet for the course. A Certificate of completion will be issued within three (3) business days of completing the Pre-discharge Debtor Education course. We do not charge an additional fee to generate your certificate.

Credit.org does not pay or receive fees or other consideration for the referral of counseling or debtor education students. All information provided by a client is kept confidential unless authorized by the client or as required by law.

Credit.org receives funding from government entities and sponsored enterprises, foundations and corporations who support our counseling and educational services and programs, including voluntary contributions from creditors for clients enrolled in our debt management plans which allow clients the opportunity to negotiate an alternate payment schedule regarding their unsecured debt. Involvement with a debt management plan could be reflected on a credit report in a favorable or unfavorable way according to creditor’s reporting policies.

Your credit report score is not impacted by obtaining counseling through our agency.

Combination discounts are also available. If you purchase the Pre-filing Credit Counseling from us and return to our agency (after filing bankruptcy) for your Pre-discharge Debtor Education, you will receive a discount on the Debtor Education course. Click here to see our Fee Wavier Policy and combo prices.

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