So you’ve gone through the long and arduous process of filing for bankruptcy, and now it’s almost over. Now all you’ve got left to do in order to discharge your debts is taking a post-bankruptcy counseling course. Even though such courses are mandatory, and they may seem like a pain, don’t approach post-bankruptcy counseling as something akin to a defensive driving course. If you approach the courses with the right mindset, you may really learn how to turn your financial life around. Here are some tips:
1. Be sure you take a financial literacy course from an approved agency.
This is perhaps the most important aspect when shopping around for post-bankruptcy courses, as many are not approved and won’t count toward the requirement. Each state has different requirements for post-bankruptcy education, so it’s especially important if you elect to take an online course that you find out if the class is approved in your state.
2. Weigh the pros and cons of taking an in-class or online course.
While it may seem like a hassle to attend an in-class course, there are advantages of learning about financial literacy in person. On the other hand, online courses that count toward the post-bankruptcy counseling requirement are readily available and are self-paced. If you have way too many personal responsibilities such that it would be incredibly inconvenient for you to take an in-class course, then an online platform is likely the best option. Still, if you can make the time, the material you learn will likely stick with you longer in an in-class course.
3. Apply what you learn in class once the course is over.
Of course, this may seem like an obvious tip, but it’s incredibly easy to slip back into the old habits that may have lead to bankruptcy in the first place. While it may seem difficult to learn skills like setting long- and short-term financial goals, drawing up a budget, and learning about investing, you’d be surprised how effective debtor education courses can be if you implement what you’ve learned. Don’t believe it? Check out this article which reviews a study demonstrating these courses’ effectiveness.
4. Don’t forget to follow proper procedures once you receive your certificate!
Of course, even if you become a personal finance expert once you finish your course, it won’t count if your respective Bankruptcy Court doesn’t receive your certificate of completion. Once you’ve received your certificate, meet with your attorney to ensure that your certificate is sent properly and on time in order to complete your bankruptcy proceedings and discharge your debt.
Now, even though you’ve taken a debtor’s education course, there’s still a lot more to be learned about personal finance. Once you’ve developed the skills through both theory and practice, you’ll be well on your way to not only clearing debt but to accumulating wealth as well. Good luck!
By-line:
Jemima Lopez is a freelance blogger and writer who writes for Zen College Life, the directory of higher education, distance learning, and online degrees. She welcomes your comments at her email: lopezjemima562 @ gmail.com.
Attorney Michael Goldstein of our law office discusses what a Meeting of Creditors is in a Chapter 7 or 13 Bankruptcy Proceeding.
