Bankruptcy Counseling & Education
More Than One Way Out
More Than One Way Out is comprehensive budget and credit counseling that is required prior to filing for a discharge of debts through bankruptcy. In this session, the counselor provides:
- An introduction to pre-filing budget and credit counseling including an acknowledgement of financial problems and an overview of the session.
- Bankruptcy overview, specifically reviewing what bankruptcy is and some of the requirements and terms that the consumer will encounter as they proceed.
- Consequences of bankruptcy such as loss of property, impact on credit history and availability of future credit.
- Advantages and disadvantages to bankruptcy alternatives including information on self-administered repayment, agency debt management plan, debt settlement and consolidation. Non-recommended options such as credit "repair", pay day loans and subprime loans also will be covered.
- Budget analysis will review income, living expense, assets and liabilities making a plan that includes necessary changes.
- Living within a budget includes increasing income, reducing expenses, modifying lifestyle and techniques to accomplish these changes.
Counseling Fee: $50 per person, this includes material and certificates of completion.
