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Bankruptcy and Credit Counseling FAQs

What are the different types of bankruptcy filings?

As an individual, you can apply for Chapter 7 or Chapter 13 bankruptcy.

Does attending credit counseling harm your credit?

It depends on the creditor. Some creditors will report any late payments to the credit bureaus, even if you have entered credit counseling. Others may view enrolling in a credit counseling program as a positive step in repaying your outstanding debt.

Are there any pitfalls to credit counseling?

Possibly-make sure you read the fine print because there can be hidden high fees not clearly listed. Also, not all credit counselors are nonprofit agencies. It is important to find a credit counselor who can help you find a way to manage-not increase-your debt.

How do I select a credit counseling program?

Ensure that any credit counselor is certified and licensed by your state. For a list of credit counselors, click on one of the following: