Do I need to attend a credit counseling session to file for Chapter 7 Bankruptcy?

Yes, in order to file for Chapter 7 Bankruptcy in Iowa, you must attend a credit counseling session. This is a part of the requirements for filing for Chapter 7 Bankruptcy in Iowa. The credit counseling session is meant to help you figure out if filing for bankruptcy is the best decision for you and if there are alternatives available to you. The counseling is also used to help you develop a budget and create a repayment plan. During the session a counselor will ask you questions about your income, debts, and expenses. They will also discuss how bankruptcy may impact you and if it is the best option for you. This is important because bankruptcy does have long-term consequences such as lowering your credit score, making it more difficult to get loans or credit cards in the future. The counseling session must be completed within 180 days before you file for bankruptcy in Iowa. You will need to provide proof of the counseling session to your attorney during the filing process. It’s important to remember that you must be honest and forthright during the counseling session. Filing for Chapter 7 Bankruptcy is a serious decision and can have lasting impacts on your financial future.

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