Generally Bankruptcy Lawyers are flooded with questions related to the two mandatory credit counseling courses and different aspects related to them. In order to answer questions like 'when are these courses required? How much do they cost? Why are there two courses? How long do the courses take?' and many others we provide you guide to the basics of these courses. As part of Personal Bankruptcy filing procedure, one needs to take up two basic courses.
1. Pre Bankruptcy Credit Counseling Course
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This a preliminary course that any individual filing for either Chapter 7 or Chapter 13 Bankruptcy needs to undertake. This course is very important because the certification that you receive at the end of this course is part of the formal documentation procedure. This also requires that pre filing counselors are approved by trustee and they would evaluate your financial situation, consumer debts, help you in budgeting, might refer you to a debt management agency. In short your counselor would plan a long term plan for your financial activities. Such a course lasts for 60 to 90 minutes and can be done in person or by any other means of communication and it generally costs around $35 to $50.
2. Pre Discharge Financial Management Course
This course happens once your Business Bankruptcy receives formal order of discharge from the court. The order of discharge terminates your obligation to pay the debts but for that you have to undergo a financial management education course. This course is conducted by a financial management counselor who is approved by the trustee. He would educate you in financial management and related aspects such as developing a budget and living within it, developing better spending techniques, learning saving, budgeting and checkbook control as well as wise use of credit. This is done about in two hours at cost of $35 to $ 50.
If you have always wanted to know what is Chapter 7 Bankruptcy? Then here is your chance to understand that and much more about the credit counseling course and financial management course that one need to undergo for filing a bankruptcy application. Both these courses are aimed at educating you in basics of financial bankruptcy and credit and finance management. With two hours and at a mere cost of $35 to $50, these courses acquaint you in different aspects of long term plan for your financial activities as well as wise use of credit.
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