by Carmen Dellutri

The Importance of Credit Counseling – Congress Are You Listening?

As I write this blog, there is still no deal on the Debt Ceiling.  Quite frankly, I was trying to understand exactly how our Government's accounting system works, and I will say that I am absolutely unable to understand how running a deficit each year is a good thing.  There must be a secret training course taken by each and every Representative and Senator which explains how our Federal Government can spend more money than it takes in each and every month.

I don't know how they do it.  Our President seems to have no problem with spending more money than the Government takes in, so he obviously took the secret course.  It seems that in Washington, DC, this behavior is is not only ok, but it is expected, because none of these men or women plan on paying the bill.  More importantly, Equifax, Experian and Trans Union are not keeping tabs on the Country's credit report.

Shockingly, the people we send to Washington to represent our interests cannot seem to play nice long enough to put together a deal on the Nation's debt problems.  However, when these same individuals were contemplating the Bankruptcy Bill  in 2005, there was no doubt that Congress wanted Consumers to complete an approved credit counseling course before filing for bankruptcy.  I guess the secret course didn't include a session on paying the debt back.

As a consumer bankruptcy attorney, I get to explain to each and every person that I see that they must complete not only a credit counseling course, but also a financial management course.  Here is where I usually get some groans from my clients, but I tell them to embrace the opportunity to expand their financial education.  This as a start on the road to a new education.  I am not a Certified Financial Planner, nor do I pretend to be one, but I do know enough about finances and accounting to be dangerous.

I recommend that all my clients continue their financial education after they complete their bankruptcy and receive their discharge.  I firmly believe that bankruptcy is financial planning for the future.  Each and everyone of us needs a plan for retirement.

Unfortunately, none of us has the same power as the Federal Government to continue to raise our own debt ceilings.  So, I would recommend getting your financial house in order now, so that we don't have to rely on the Feds in the future.

for more information on bankruptcy matters please call our office for an appointment at 305-548-5020

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