Credit Counseling Requirement in Oklahoma Bankruptcy
In 2005, the American economy appeared to be strong and growing. As such and in a political sense, it seemed like a good time to rework the bankruptcy laws that had been in place for many years. As such, Congress passed a law known as the Bankruptcy Abuse Prevention and Consumer Protection Act. This law made it more difficult for people to simply file for bankruptcy and added more steps to the process that the debtor was required to complete before his or her debts could be discharged.
One of the central requirements that was part of the new law concerned the debtor’s requirement to complete two different types of credit counseling, with one requirement in place prior to filing and one prior to the ultimate discharge. Below is an overview of these requirements, including the specifics involved, the effects on the debtors who need protection, the reality of the benefits these requirements purported to provide and ultimately how you should proceed if you find yourself with seemingly no way out from under your financial struggles.
Hiring an Oklahoma Bankruptcy Lawyer
Generally, the credit counseling requirement in bankruptcy has been seen by critics to provide little benefit to the debtor and tangible benefits to both the unsecured credit market and the credit counseling market. Even though these requirements may not be logical in many cases, the law still requires them.
Therefore, there are now more steps involved with the filing for bankruptcy protection, but that does not mean that these steps should serve as a reason not to file for protection by those who need it. Working with an Oklahoma City bankruptcy attorney will still allow you to move through this process with the guidance of an experienced professional as it’s always been, and the end result would likely be the same – your debts are discharged and your financial slate is wiped clean. If you would like to find out more about how this process works and whether filing for bankruptcy is the proper option for putting an end to your financial struggles, contact the Oklahoma City bankruptcy attorneys at Oklahoma Legal Center today to schedule an initial consultation