Credit counseling

{
  "id": "MLC-T-LAW-000073",
  "term": "Credit counseling",
  "field": "Law",
  "definitions": [
    "A service provided by non-profit organizations to individuals facing financial difficulties, offering guidance on managing debt and improving financial literacy. Counselors assess a client's financial situation, create budgets, and sometimes negotiate with creditors on their behalf to establish debt management plans. These services are often regulated by state laws and national accreditation bodies.",
    "The \"individual or group briefing\" from an approved nonprofit budget and credit counseling agency that individual debtors must attend prior to filing under any chapter of the Bankruptcy Code. There are exceptions to this requirement for certain categories of debtors, exigent circumstances, or if the U.S. Trustee or Bankruptcy Administrator have determined that there are insufficient approved credit counseling agencies available to provide the necessary counseling. These agencies are approved by the U.S. trustee or the bankruptcy administrator. See \"Financial management”."
  ],
  "see_also": [
    "Financial management"
  ],
  "references": [
    "U.S. Courts Glossary of Legal Terms"
  ],
  "url": "https://mlchart.com/terminology/law/credit-counseling/"
}