Significance Of Debtor Education Course In Bankruptcy

There are a set of rules to be followed before you file a case for bankruptcy in the court

. Unless you follow certain rules you are not allowed to discharge your debts and if you want to effectively discharge your debts, then you will have to complete the personal financial management counseling class (also referred to as the pre discharge debtor education class, or second bankruptcy class). Prior to the 2nd class, the 1st class offered is for pre-filing credit counseling online certificate which includes basic budgeting. The initial part of the class is utilized for acquiring information form the debtor about their income, debt, expenses, and assets. Then the debtor is provided with the options that are substitutes to bankruptcy, because it is best to consider bankruptcy as the very last resort.

A financial analysis helps the debtors with recommendations about their financial goals and teaches them the techniques to avoid the fundamentals of bad financial habits and how to prepare for unforeseen situation in the future. You have to then undertake a second course after you file bankruptcy but before you get your creditors discharged. This second course is called Debtor Education course or pre discharge debtor education. At times some professionals refer to it as Financial Management. Taking the 2nd class is similar to taking the first basic class. The 2nd class will help education with managing finances, taking care of their credit, save money and further manage their debts well. In fact this course set a foundation for the individual who is starting over.

These courses can be completed online, at the comfort of your home computer or using your local librarys computer. When the course is completed, the debtor receives a certificate of completion which is a pre requisite for the discharge of the debts. For your convenience a list of the approved Credit Counseling and Debtor Education agencies can be found on the US Department of Justice website at www.justice.gov/ust/eo/bapcpa/ccde/index.htm

The debtor can take the pre discharge debtor education class after the case is filed and prior to the debts being discharged. The pre discharge debtor education helps the individual build a solid foundation as they begin a new financial future.

Fully approved by the Executive Office of the US Trustees, in offering the pre-discharge debtor education class is MyOnlineBankruptcyClass.com. Since the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires people to take a Pre-Discharge Debtor Education Class prior to receiving their Bankruptcy Discharge, MyOnlineBankruptcyClass.com conveniently offers the bankruptcy classes online and they can be started and finished at your leisure.

by: LC Kerby

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