Archive for May 18th, 2009

Bankruptcy Counseling Agency Critics
Many people are faced with the question of what will happen to them once they have been declared financially unable to handle their debts Some wallow in self pity while others tend to live with the guilt of having not been able to handle a financial crisis There are two chapters under which individuals can file petitions for bankruptcy These are chapters 7 and 13, both of which the debtor must go through counseling before the court can proceed with the hearing Without this, the court may not be in a position to accept the filed petition . .Bankruptcy counseling is a chance for the debtor to see where they went wrong and to also find out ways in which they can avoid such problems in future This is also a good chance to ask financial questions Though some debtors are exempted from this service, most of the debtors will be required to go through this . .Not everyone is for the education service offered by these agencies Some critics argue that these are done when the debtor is already in financial crisis which in most cases cannot be repaired They argue that most of these individuals are in critical positions in which going through this form of education may not be of help to them . .Some critics of insolvency counseling argue that it is not proper for the bank to reject those who are bankrupt on grounds that they have not gone for the session This is because some people go insolvent for not reasons that are not of their own making They also feel that when these people are forced to go through this, the guilt and feelings of hopelessness may not disappear at the end of it all .
Source: www.rsstnx.com