Word: Credit counseling
Definition:
Pre- and post-bankruptcy educational sessions required for individual debtors.
Sample Sentence:
Before filing, the debtor completed the required credit counseling session online.
Why It Matters:
Credit counseling helps debtors understand their financial options and obligations.
Quick Tip:
Both pre-filing and post-filing sessions are mandatory under the Bankruptcy Code.
Source: https://www.uscourts.gov/glossary
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