Consolidation Programs & Government Requirements

As a condition of filing bankruptcy, all debtors must complete, within 180 days before filing, an approved program providing credit counseling and monthly expense evaluation. As an integral part of this requirement, options for debt consolidation programs are discussed, including free programs designed to consolidate payments into one monthly amount, for lower interest, in exchange for foregoing future charge privileges on credit cards. The amount of interest reductions, options for waivers of late fees, and payment schedule extensions are explained in-depth.