Post-Bankruptcy Debtors Financial Management Course –Every person in Chapter 7 or Chapter 13 bankruptcy is required to take a post bankruptcy debtors financial management course. This course helps teach financial principles for making a budget and making sure that you will be able to manage your finances after bankruptcy. This article is about the top five things to know about the post bankruptcy debtors financial management course.
You are required to take this second class after the bankruptcy case is filed but before you receive your discharge in your case. Every person that files Chapter 7 Chapter 13 bankruptcy case must take this second, “post” bankruptcy class after the bankruptcy case is filed. You will be required to provide your bankruptcy case number before taking the second bankruptcy class on financial management in order to prove that your bankruptcy case has already been filed. It is best to take this second bankruptcy class right after your bankruptcy case is filed. The last possible time you will have to take the class is right before your discharge, but do not wait that late to take it!
Do not forget to take the second class or take it too late. If you do not take your second bankruptcy class on financial management before you receive the discharge in your bankruptcy case, it will be closed without a discharge. The court will require a large reopening fee to reopen your case. Do not make a $300 mistake. Take your second bankruptcy class early, right after your bankruptcy case is filed.
This class is about managing your finances in the future after the bankruptcy. Congress felt that it was necessary to require the second bankruptcy class in order to teach financial management to those who have filed for bankruptcy relief. Many debtors get into bankruptcy situations because they do not understand proper and effective financial management. This class was a minimal effort by Congress to at least teach basic financial principles to those who have found it necessary to file for bankruptcy.
The class is very affordable. Although there are a variety of providers of the second bankruptcy class, almost all of them now are very affordable. Many providers charge as little as $8 to $15 for the second required class. Some providers may provide additional information in a better to understand format that gives you better financial training. These classes may cost a little bit more than the lower end of the spectrum but usually do not exceed $50.
Keep getting financial education even after you take the second course. The value of financial knowledge cannot be overstated. Acquiring financial knowledge and living by it can completely change your life forever. If you make it your mission to acquire and live by financial understanding, then your life will truly get the fresh start that you need.
The post bankruptcy financial management class can be a powerful beginning to new financial understanding. After you file bankruptcy, you truly have a fresh start. However, it’s up to you what you would do with that fresh start. Use the post bankruptcy financial management class to kick off a new life of financial responsibility and learning. This is what Congress intended by requiring people to take this course: a life that is much better now because of new financial understanding.
~Indianapolis Bankruptcy Attorney John F. Bymaster