Debt Management Credit Counseling Texas
Credit Counseling Resources for Filing Bankruptcy in Texas
As part of the bankruptcy laws that were put into place in 2005, individuals filing bankruptcy in Texas (with some limited exceptions) are required to receive mandatory credit counseling.
Not looking for credit counseling information for Texas? See links to the left to find bankruptcy resources for your state.
Texas Credit Counseling Debtor Education Agencies
Per the new bankruptcy laws of 2005, Texas residents seeking to file bankruptcy must:
- Complete a credit counseling course from an approved Texas credit counseling provider prior filing bankruptcy (within six months of filing); and
- Complete a debtor education course from an approved Texas debtor education agency prior to receiving a bankruptcy discharge (within 45 days of the 341 meeting with creditors for Chapter 7 filers).
In layman's terms, you're simply required to receive pre-filing and post-filing credit counseling. The sessions or courses are pretty straightforward. The pre-filing credit counseling typically takes less than two hours; the post-filing debtor education course is a little more involved and may take a bit longer.
The counseling course and the education course each typically costs $50 or less (spouses must each receive their own certificate), although if your income is less than 150% of the federal poverty level, you may qualify for a reduction or waiver for both courses.
One question a lot of people have is what impact will receiving credit counseling have on their credit score? The answer? None. And just because you get credit counseling, doesn't mean you have to file bankruptcy.
If you're struggling with debt and not sure what to do, credit counseling may be something to seriously consider. You get non-biased information from a nonprofit agency, allowing you to learn more about bankruptcy as well as alternatives to bankruptcy.
