Post Filing Bankruptcy Credit Counseling — A Must for Bankruptcy
A lot of people start a business with big dreams and aspirations. But many of these businesses incur huge losses, thereby unable to pay their debts. The result, and sometimes the only choice is to file for bankruptcy. However, filing for bankruptcy is a long process with the entrepreneur expected to undergo a debtor educations course. Also known as post filing bankruptcy credit counseling course, the main objective of this course is to equip a person with information that will help him to manage his finances and his credit in a better way after going bankrupt. It should also be noted that taking up these courses is not a choice, rather a compulsion. The court does not discharge a bankruptcy case unless a person completes this course and acquires the necessary certificate.
Requirements of Post Filing Bankruptcy Credit Counseling Course
Once you have filed for bankruptcy, you need to go in for the post filing bankruptcy credit counseling course. This is the only way to get the court to discharge your claim. This course trains you such that you are well equipped to make smart financial decisions in the future and would not have to face a bankruptcy again, in case you decide to start another business. The course teaches you a number of things that include
· Preparation of budget
· Management of money
· Using the credit efficiently and smartly
· Dealing with unforeseen financial problems
Completion of Post Filing Bankruptcy Credit Counseling Course
If you thought that you can take this course as and when you please, think again. Once you have filed for bankruptcy, you have to file the certification of the completion of this course within 60 days of the first meeting with your creditors. Remember that if you fail to submit this certificate within the stipulated time, the court will dismiss your bankruptcy case without any notice.
Process for Post Filing Bankruptcy Credit Counseling Course
You really don’t have to take this course in person by going to the counselor’s office. You can take this online or on phone as per your convenience. The course will last for about a couple of hours, irrespective of your mode of instruction. You will be provided with some course material which you have to go through before taking a test. In order to complete the course satisfactorily and to be issued the certificate, you should score at least 70% marks in the test.
On the completion of the course, you will receive a certificate which you then have to submit to the court with the required forms. So, now that you know all there is to know about the post filing bankruptcy credit counseling, you know what to expect.