You have the right to choose to file for individual bankruptcy, but it’s equally important that you realize that it’s not as easy as you might have thought it would be. There are certain things that need to be done before you declare yourself bankrupt. There are required bankruptcy courses that prepare you for the filing process and teach you how to avoid financial problems in the future.
Courses on Bankruptcy Filing
As a debtor, you’ll be required to complete a Credit Counseling Course prior to filing and a Debtor Education Course prior to discharge. Failure to complete the required bankruptcy education courses can result in your case being dismissed or your discharge denied.
Purpose of Bankruptcy Education Courses
People who have gone bankrupt find themselves in a very troubling situation. With limited knowledge on personal finance management, they are likely to fall back under debt. Filing for bankruptcy will hold no meaning if the debtors can’t use it as a way to get back on track financially.
Proper management of funds is important and that’s what the debtors get to learn about as part of the educational programs. Irrespective of where your debts have come from or what they are related to, you’ll have to educate yourself nevertheless. Not every course is accepted by the federal bankruptcy court. A list is maintained by the Department of Justice wherein you’ll find the bankruptcy courses that are generally approved of and accepted by bankruptcy courts.
The courses can only teach you the basics and inform you about the pros and cons of filing for bankruptcy, but the decision completely lies with you and you shouldn’t let it go over to someone else. Whether it is going to be Chapter 7 or Chapter 13 bankruptcy, it’s only your attorney that you should consult on this.
Previous practices that included acquiring blank certificates by law firms to be used in favor of the clients are totally against the present day rules and regulations laid out by the bankruptcy courts. Your money needs to be protected and managed well and that’s exactly what the courses are meant to take care of.
Use bankruptcy to start your life over. Financial education courses will help insure you do it successfully and don’t fall under debts again.
This is a guest post by Andrew who writes for financial communities.