How Do Credit Counseling Agencies Work?
Posted on July 29, 2009 at 2:21 am
what is the purpose of credit counseling in pre-bankruptcy procedures?
Posted on July 29, 2009 at 3:17 am
The mandatory counseling procedure ensures that the debtor knows what they're getting into--it also serves to inform them of what possible options they have aside from bankruptcy. Of course you still need to pay for this service to be rendered.
The procedure must also be approved by the US Trustee's office and must be administered at least 180 days or 6mos before filing for bankruptcy.
Posted on July 29, 2009 at 4:27 am
Posted on July 29, 2009 at 4:33 am
Posted on August 20, 2009 at 2:37 am
Speaking of bankruptcy. How do credit counseling agencies work or function? Their Debt Management Plan resembles that of Bankruptcy Chapter 13.
Posted on August 20, 2009 at 2:53 am
I agree, Credit Counseling (DMP's) work like a Chapter 13 bankruptcy with regards to the consumer's repayment plan needing the creditors approval.
Posted on August 31, 2009 at 11:19 am
How do credit counseling agencies work if they are for-profit? Is it any different?
Posted on September 1, 2009 at 2:06 am
I believe it isn't at all much different--its just that the services offered by the non-profit companies are offered for free, although some of them would charge a monthly fee still, in spite of their apparent non-profit status.
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