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Bankruptcy Course – Mandatory for Persons Willing to File Bankruptcy

By LC Kerby Subscribe to RSS | July 25th 2012 | Views:

Declaring bankruptcy is often unavoidable for those who have failed to pay their huge debts. There are many consequences people need to face after becoming bankrupt. As it is rightly stated that insolvency doesn’t come alone but brings together many intricacies like having credit scores get badly affected.

The Bankruptcy Abuse Prevention and Consumer Protection Act that was passed in 2005 mandate the person who plans to file for bankruptcy protection to take two different types of bankruptcy classes - Pre-Filing Bankruptcy Class or Credit Counseling Class and the Pre-Discharge Debtor Education Bankruptcy Class or Personal Financial Management Course. If anyone wants to file for bankruptcy that person first needs to complete a credit counseling course within 180 days before filing the bankruptcy petition. Additionally if anyone has filed for their bankruptcy case protection, Debtor Education bankruptcy course needs to be completed to receive a discharge.

The one of the advantages of the pre-filing counseling is to facilitate the debtor in gaining the understanding regarding the consequences in regards to their credit score and long-term ramifications. As part of the bankruptcy course, the debtor will be presented with any available alternatives, like that of budget analysis, in order to avoid the drastic decision of filling the bankruptcy case. Another pro of pre-filing bankruptcy class is to take the debtor through a thorough process for examining their financial situation that includes calculating their earnings, household expenses, all of the debts incurred by them with their other monthly obligations.

In the second type of bankruptcy class i.e. pre-discharge education purposes, the debtors learn about budgeting, effective money management skills and proper uses of the credit. This bankruptcy course also teaches them to re-building the positive credit record, in recognizing and avoiding the predatory lending practices, etc. it is essential to take these bankruptcy classes from an institution that is on an approved list. This is necessary requisite because only the recognized institutions are authorized to issue the class completion certifications after completion of the respective class.

Since we all know that insolvency messes with our self-esteem, these mandatory bankruptcy course will act as a good training ground to get hold of emotions and get back again on our feet. There are so many approved institutions available today who provides online bankruptcy class and also provides online credit counseling certificate. For instance,

LC Kerby - About Author:
LC Kerby is an author of MyOnlineBankruptcyClass ; Visit the site ( for more information about Bankruptcy Course.

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