When it comes to filing for bankruptcy, it is likely that you will have to complete the debtor education class. The debtor education class is often required to complete along with the bankruptcy filing process. It generally needs to be completed within a certain time frame after filing for bankruptcy. In addition to the debtor education class, it is often required for an individual to complete a credit counseling course. The credit counseling course has to be completed prior to filing. There is generally a specific time frame in which you have to complete the credit counseling course before filing. If you intend to undertake the bankruptcy process, it is important to understand what the debtor education class is.
What you Learn from the Debtor Education Class
There are many important things that are taught through the debtor education class. This is why the class is typically a requirement for completing the bankruptcy process. When you complete the debtor education class, you will learn how to create a solid financial plan and prepare an effective budget. This course also teaches you how to more effectively manage your money and income. The way you leverage your credit often has a large impact on your financial situation. The debtor education course helps teach individuals how to use their credit wisely and effectively. The course teaches individuals strategies for dealing with an unexpected financial crisis. In addition to all of this, the debtor education class teaches individuals about consumer protection laws and agencies.
Though the vast majority of people will be required to complete the debtor education course, there are a few exemptions that may prevent you from having to do this. The course often won’t be required if you have a disability or incapacity that will prevent you from finishing the course, as well as if the course is not offered in a language that you will be able to understand. Individuals serving on active duty in a military zone are often not required to complete the debtor education course. Additionally, if the course is not available in your district, it is likely that the court won’t require completion of the debtor education course. If you are unsure if you may qualify for an exemption for the debtor education course, you will need to consult with a bankruptcy attorney.
Who is Required to Complete the Debtor Education Class?
Unless you fall under the above exemptions, it is likely that you will have to complete the debtor education class when you file for bankruptcy as an individual. If you are considering completing a chapter 7 or chapter 13 bankruptcy process, it is extremely likely that you will be required to complete the debtor education class. There can be severe consequences when you fail to complete the debtor education course when required, so it is important to understand the requirements during the bankruptcy process. Keep in mind that business-related bankruptcies, such as chapter 12 bankruptcies, may follow different rules.
After Completing the Class
After you have completed the class, it will be important to take the steps to guarantee that you receive credit for the class. In order to do this, it is important to ensure that you obtain a certificate of completion from the company you took the course from. Most companies will immediately provide you with the certificate, so this usually isn’t too difficult to accomplish. After you have obtained the certificate of completion, you will need to file the certificate with the bankruptcy court that you filed bankruptcy through. They will often provide you with instruction regarding how to file the certificate. These steps are important in order to ensure that you obtain the necessary credit of completion in order to protect your bankruptcy process.
Options for the Class
There are many possible options for completing the class. This improves the convenience of completing the class. In general, the debtor education class is available in person, on the internet, or over the phone. No matter which method you choose for your debtor education course, it is likely that the course will take somewhere around 2 hours. The method that you choose doesn’t particularly matter, but it is important to ensure that the court is a certified and approved course that will meet your bankruptcy court’s requirements.
It is important to keep in mind that the debtor education class often comes with related fees, which you will need to budget for. These fees will fluctuate depending on which company you obtain the course from. It is usually between $5 and $50. If your income falls below about 150% of your state’s determined poverty lines, it is possible that you will be able to obtain a waiver of the fees.
What Happens if I Don’t Complete the Class?
It is extremely important to complete the debtor education class after you have filed for bankruptcy, due to the consequences that come with failing to complete the class. You need to complete the class and file the certificate of completion within the specified time frame. If you fail to do so, the course will close your bankruptcy case without a discharge. This prevents you from having your debts discharged, which is the entire point of completing the bankruptcy process. After this point, it is likely that you will be required to pay certain fees and submit an appeal in order to reopen your bankruptcy case.
Here at LeBaron & Jensen, we are experienced in the field of bankruptcy law. Our expert team can help to prevent the likelihood of substantial issues from arising and ensure that you complete the bankruptcy process as effectively as possible. Bankruptcy can be an incredibly complex and frustrating process that will have a substantial impact on your life. It is extremely beneficial to obtain the services of a knowledgeable attorney that is experienced in bankruptcy law. To obtain superior legal guidance throughout the bankruptcy process, contact our expert team at LeBaron & Jensen today!