Bankruptcy Requirements in Maryland

After the decision to file for bankruptcy has been made, certain requirements are imposed by the Bankruptcy Abuse Prevention and Consumer Protection act of 2005.

2012-12-18

December 18, 2012 (Press-News.org) Although filing for bankruptcy has previously carried with it a negative stigma, times now are different. With a struggling economy, it only makes sense that individuals would struggle as well and often to no fault of their own. After the decision to file for bankruptcy has been made, certain requirements are imposed by the Bankruptcy Abuse Prevention and Consumer Protection act of 2005.

Counseling Requirements

The first requirement when filing for bankruptcy is to receive pre-bankruptcy counseling. This requirement must actually be completed before bankruptcy has been filed. The counseling session will include a discussion of an individual's financial situation, possible options and a discussion of a plan for the future.

Before this meeting, individuals should make sure they would be able to obtain a waiver for the counseling session to avoid a charge. Individuals should also do their research to ensure that the organization they are receiving the information from is good for their needs and is legitimately certified to provide the counseling information. Once the counseling has been completed a certificate of completion is required.

Education Requirements

After the bankruptcy petition has been filed, the Act also requires that a person take a debtor education course. A fee waiver is also available for this course. The course is available in order to help recent bankruptcy filers to keep their credit in check and their finances in order.

Upon the completion of this course, a separate certificate is required. Filers should ensure that the organization they are going through is legitimate and will be able to help them with their particular needs. The organization must be a good fit and needs to help with the filers further plans of staying debt free.

Getting Help from the Experts

Bankruptcy presents a lot of difficult issues and questions as a whole. When there is uncertainty or an individual believes there is some type of fraud taking place on the part of a counseling organization, turning to an experienced bankruptcy lawyer in Maryland is a wise decision.

An experienced bankruptcy attorney can assess your case, answer your questions, and help you get a fresh financial start. For more information, contact a bankruptcy attorney today.

Article provided by The Holzman Law Firm, LLC
Visit us at http://www.theholzmanlawfirm.com

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