Unwavering Advocacy & Personalized Support Schedule a Free Consultation

Bankruptcy Credit Counseling

Bankruptcy has always been a tool for consumers to resolve their debt problems. However, these days, with the COVID-19 pandemic turning the economy upside down, and many people losing their jobs and sources of income, the number of people that are opting to file for bankruptcy has definitely grown.

Could Bankruptcy Be the Option You Need Now?

Most likely, you are having a hard time deciding whether filing for bankruptcy is the best option for you. To make your decision easier, consider answering these questions:

  • Do you fear you may not be able to pay off your debts within five years?

  • Not including your mortgage, is the amount you owe over 40% of your total income?

  • Do you make payments towards your debt every month and still feel no progress is being made?

  • Do you worry that having to pay off your debt will impact your future in such a way that you will never be able to put money away for your children's education or for your retirement?

The answers you give to the above questions may be enough to convince you that filing for bankruptcy is the best way to get a handle on your finances moving forward.

How Can Filing for Bankruptcy Help You?

If you have a genuine mountain of debt, filing for bankruptcy can help you put a stop to collection calls and lawsuits regarding your debts and wage garnishment. Your bankruptcy attorney in New Jersey can explain the process to you and help you file for bankruptcy, after which you should see an improvement in your finances within six months.

Why Is Bankruptcy Counseling Needed?

In short, because the federal government requires two sessions of credit counseling as part of bankruptcy proceedings. One takes place to start off the process and the other one needs to take place before your debts are forgiven. Your bankruptcy lawyer in New Jersey will fully explain the details of both sessions to you.
In the meantime, here is an overview:

Session I: Pre-Filing Counseling

It is important for you to attend this session prior to filing because it will help you weigh the pros and cons of what you are about to do. You will also learn what other alternatives are available to you and what other resources could work for you.

The certificate of completion you receive after this session is valid for 180 days. During this time, your bankruptcy lawyer in New Jersey will help prepare your case and file it.

Not going through this session before submitting your bankruptcy filing to the court means your case will be thrown out.

Session Ii: Pre-Discharge Counseling

Before the court is finished with your bankruptcy, you must attend the second session. This time, the focus will shift to financial education, offering you tools to learn how to manage your finances in the future. As well, you will receive some strategies on how to save money, and you will learn about credit scores and how to create a sensible budget. Once again, you will receive a certificate upon completion of this session.

Bankruptcy Credit Counseling New Jersey

Is the amount you owe making you lose sleep? Don’t waste another day worrying about it. At the Law Office of Stuart M. Nachbar our team of expert bankruptcy attorneys will work with you to file for bankruptcy. Your case will be analyzed thoroughly and the best options explained to you. You will also receive bankruptcy credit counseling to understand what this whole process will mean and how it may impact your future. Make an appointment today to get started.

We serve clients throughout the following counties: Essex, Warren, Sussex, Morris, Passaic, Union, Somerset, Hunterdon, Bergen, Hudson, and Middlesex.
We are close by to Livingston, West Orange, Newark, Belleville, Clifton, Irvington, East Orange, Paterson, Passaic, Verona, and more.