Why is Credit Counseling a Mandatory Part of Filing for Bankruptcy ...

One of the things that new clients are often surprised to learn about the process of filing for bankruptcy in Canada is that a small number of credit and debt counseling sessions are mandated by the government. Given that the overwhelming percentage of people who actually file for bankruptcy are good, responsible people who have just fallen on tough times, are these courses really necessary?

Believe it or not, even if they weren?t required, we still think they would be a good idea. That?s because, although most of the men and women we meet with have been doing their best, many have never been taught proper budgeting techniques, and might not know how to avoid similar mistakes and pitfalls in the future.

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Consider these three benefits of credit counseling for those who file for Canadian bankruptcy action:

1. They help lower future bankruptcies, which saves money for businesses, families, and individuals. Bankruptcy is a disruptive process, both financially and emotionally. The more we can do to help people stay out of trouble with their debt, the better it is for businesses and families everywhere.

2. Debt counseling classes help people to avoid difficult situations in the future. Although most people fall into bankruptcy because of events that are outside of their control, many might not have realized just how close they were to begin with. Debt counseling can help them spot potential problems in the future.

3. Even if you have great financial habits, it?s never a bad idea to get a refresher. In the end, it?s never a bad idea to learn a little bit more, especially when it comes to managing your money. Debt management classes can be a great way to refresh your budgeting skills or pick up a few tips you might not have gotten otherwise.

To find out more about filing for bankruptcy in Canada, or to review your options with an experienced Calgary bankruptcy trustee, call or e-mail the team at Hudson to set up a free consultation today.

Source: http://www.calgarybankruptcytrustee.ca/2012/12/why-is-credit-counseling-a-mandatory-part-of-filing-for-bankruptcy-in-canada/

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