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As part of a comprehensive new reform agenda, federal law now
requires all debtors in bankruptcy to complete a course of training,
including budget analysis and credit counseling, from an approved
agency. The course of training is designed to analyze each person's
private financial information, and explain why bankruptcy is not
necessarily the best option. One of the initial concerns regarding this
requirement centered on privacy, and the extent that information
obtained may be used against debtors who file. Credit card companies
provide supplemental funding for many free and low cost credit
counseling agencies.
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