Importance Of Credit Counseling Class And Debtor Education

When filing for bankruptcy, there are some mandatory necessities which need to be met before you can file your paperwork and petition with the court

. One of the needed procedures is that clients must obtain a credit counseling certificate from a non-profit credit counseling agency which is duly approved by the United States Executive Office of the U.S. Trustee. Despite the fact that people filing for bankruptcy are required to take the bankruptcy classes before they file for bankruptcy these classes do not educate the debtors on aspects related to filing of a bankruptcy, instead these classes known as credit counseling classes aim to educate the pupils on types of alternatives to bankruptcies, budgeting, and types of bankruptcies.

The 1st class generally known as the pre-filing credit counseling course is actually a basic budget class. During the commencement of the class the debtor is asked to give information regarding his income, debt, expenses, and assets. Gradually the class proceeds to educate the debtor about various options besides bankruptcy, since the expert advisors at MyOnlineBankruptcyClass believe that bankruptcy should be the VERY LAST resource undertaken by debtors. The debtors are given financial analysis and recommendations to help meet their financial goals in addition to advice on avoiding pitfalls that got them there.

After filing bankruptcy, the second course must be taken to as part of one of the many requirements to ensure that the clients debts are discharged. This bankruptcy course is known as debtor education course or Personal Financial Management. It is not possible to take the credit counseling class and debtor education class at the same time. The 2nd class called pre-discharge debtor education is taken AFTER the debtors have filed for bankruptcy. In this class the debtors are taught techniques to manage their money, save money and improve their financial management skills. It is a foundation class supposed to help them start over again and take care of their credit.

At the initial undertaking, taking these courses may seem like a burden but it is easy to complete them within the comfort of your home over internet. Myonlinebankruptcyclass.com is an agency that specializes on offering pre-filing bankruptcy credit counseling class that is approved by the U.S. Trustees. This course is to be taken from a government approved agency within 180 days before the consumer files for bankruptcy.

Online credit counseling course is an interactive class. You are able to complete this course within approximately 90 minutes at the comfort of your home. You can also take the course at your leisure and does not have to be finished at the time you first start. When you log out and log back in, the online bankruptcy class will remember where you left off so you can continue without losing any of the work and time you have already done. You are awarded a Certificate of Completion by MyOnlineBankruptcyClass.com on successfully completing the course.

by: LC Kerby

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