Mississippi Pre-Filing Bankruptcy Credit Counseling As a non-profit organization, Debtorcc.org provides Mississippi residents with the pre-filing bankruptcy credit counseling course. This is the First Bankruptcy Course that must be completed prior to filing for bankruptcy in Mississippi.
This is the First Bankruptcy Course that must be completed prior to filing for bankruptcy in Mississippi. Debtorcc.org is approved by the U.S. Trustee's Office to provide the Mississippi bankruptcy credit counseling course on the Internet. The Course is available in written and audio formats and is available in both English and Spanish.
The course is called the pre -filing Credit Counseling course and costs from $9.99-$25. It can be completed by telephone or on the internet. Upon finishing the course you will be issued a certificate of completion. Your attorney must file this certificate with your bankruptcy petition. After the bankruptcy case has been filed, each individual must complete a second course …
Everyone who files for bankruptcy Mississippi must complete a credit counseling course. They have 180 days in order to file and receive a discharge in bankruptcy. You can complete the course over the phone or on the internet and it takes approximately 1.5 hours.
One option you may want to consider before filing bankruptcy in Mississippi is consumer credit counseling. Under a consumer credit counseling plan your creditors may be willing to lower your interest rates and accept reduced payments if you enter a debt repayment plan. Generally, in these plans, you deposit money each month with the credit counseling service.
A pre-bankruptcy counseling session with an approved credit counseling organization should include an evaluation of your personal financial situation, a discussion of alternatives to bankruptcy, and a personal budget plan.
You may feel that bankruptcy is the only way out, and you may be right, but credit counseling is required to give you an idea if you really need Chapter 7 or Chapter 13 bankruptcy.Sep 30, 2021
Why You Must Take Pre-Bankruptcy Credit Counseling Counseling is required even if it's pretty obvious that a repayment plan isn't feasible (that is, your debts are too high, and your income is too low) or you are facing debts that you find unfair and don't want to pay.
The purpose of credit counseling is to help a debtor avoid bankruptcy if they are struggling with their debt burdens. Counseling services negotiate with creditors on the borrower's behalf to reduce interest rates and waive fees.
A a credit consultant helps a consumer with credit repair, typically through bill settlement and debt management. Duties include reviewing revenue for a customer and creating a plan to help them manage or pay off debt.
Bankruptcy: Advantages and DisadvantagesDISADVANTAGESADVANTAGESBankruptcy will lower your credit until you work to rebuild itMissed debt payments, defaults, repossessions, and lawsuits will hurt your credit - bankruptcy can often be the easier option9 more rows•Apr 19, 2021
Filing an income tax and benefit return The trustee must also file an income tax and benefit return for the period from January 1 up to the day before the date of bankruptcy; this return is called the pre-bankruptcy return.Feb 12, 2019
It's a financial management course that you take after you've filed for bankruptcy but before you get a discharge. The debtor education course teaches you strategies that will help you stay financially healthy after your bankruptcy.
Only an individual with regular income that owes, on the date of the filing of the petition, noncontingent, liquidated, unsecured debts of less than $250,000 [2] and noncontingent, liquidated, secured debts of less than $750,000,[2] or an individual with regular income and such individual's spouse, except a stockbroker ...
Being under debt counselling will not impact your credit score negatively, in fact it may be beneficial for it. While you are under debt counselling, the credit bureaus can't list any further negative information under your credit profile because you will be under protection of the National Credit Act.
Downsides of Consumer Credit CounselingCredit Counseling ProsCredit Counseling ConsLowers the interest rate and waives certain fees on your debtWill not reduce the principal amount you oweCould get you out of debt in 36-60 monthsRequires you to pay startup fees plus monthly account management fees3 more rows•Jan 24, 2019
Budget: You'll provide a detailed list of your expenses. You'll receive an analysis of your expenses and recommendations for how to reduce them. Debt: Your credit report will be pulled for a detailed list of your current credit card debts and other loans. Solution: You'll receive a personalized debt relief solution.Nov 8, 2021