Definition from Nolo’s Plain-English Law Dictionary
Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the 2005 bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:13 pm