The bankruptcy law requires every person who wishes to file Chapter 7 or even Chapter 13 to take a post filing bankruptcy course and get a credit counseling certificate before filing. The course is offered with an aim of assisting bankruptcy filers to learn about the many available bankruptcy alternatives. Actually, credit counselors have not changed their filing rates too much and only a few people who go through the mandatory credit counseling are able to avoid bankruptcy filing. But nevertheless, you will have to get a counseling certificate before filing for bankruptcy.
Once you have filed for bankruptcy, you must also take another course. This course is known as the personal financial management course and is designed with an aim of offering the best guidance regarding to money management and budgeting. Most credit counselors offer the course through the phone or even online but there are some who offer the course in a live class. Often, this course will take between 45 minutes and 2 hours after which you will get a certificate valid for only 180 days. There are credit counselors who will charge you between $85 and $50. Mostly, they will charge a joint fee for both the husband and wife. This financial management course typically costs between $10 and $50.
If you think that bankruptcy is the best option, you should consider taking post filing bankruptcy course and then get the credit counseling certificate. Any time you face a filing emergency but you cannot get a counseling session, you will have to wait before filing for the bankruptcy.
The bankruptcy law wording also suggest that you must not file on the same day that you obtain the counseling. The issue is yet to be settled. To be safe you should take the course and also get the certificate prior to the actual filing day.
After filing, you should get your management course certificate soonest. The court clerk will have to sign the certificate. And if your case closes before filing the financial management certificate, you won’t receive a discharge. You will have to reopen the case to get your financial management certificate field.
Most people consider taking their post filing bankruptcy course by phone or through the internet. You will have to take the debtors education course after filing for the bankruptcy case and after you first meet your bankruptcy trustee and the creditors. The meeting is also referred to as section 341 meeting of Bankruptcy code. After filing the petition for bankruptcy, you will have to do what the bankruptcy plan requires you to do or file for the motion for discharge entry.