Comprehensive Idea about the Bankruptcy Course
Posted by OnlineBankRuptCyclass on March 4th, 2014
Past few decades have witnessed the tremendous increase in bankruptcy statistics. It is due to the bad financial management that increasing number of people across the world is unable to pay off their debts. In such situation, bankruptcy is the only option left to them. ‘Bankruptcy’ admittedly is there to assist debtors in financial difficulties; however there are many misconceptions and confusion regarding bankruptcy. Furthermore, many debtors have basic questions regarding the bankruptcy system, process of filing and other mandatory requirements like attending bankruptcy course. These questions are often similar or identical from person to person. Most of these questions grow out of misinformation and a lack of knowledge of bankruptcy, which is a deceptively complex body of law.
This particularly is the reason that this article outlines the comprehensive idea about the bankruptcy course, which is a mandatory requirement, since 2005. According to the Bankruptcy Abuse Prevention and Consumer Protection Act, 2005; debtors preparing to file for bankruptcy protection are required to attend and complete the two bankruptcy classes namely Pre-Filing Bankruptcy Courseor Credit Counseling Class and the Pre-Discharge Bankruptcy Class or Debtor Education, and obtain the certificate of completion from any government-approved organization.
Both these courses cannot be accomplished at the same time. It is also specified that candidates needs to complete their Pre-Filing Bankruptcy Course before filing for bankruptcy; while on the other hand, debtor education after filing the petition, in order to ensure that the debtors receive a complete discharge. You will obtain a numbered certificate as you accomplish these necessities, which defend you against swindle.
Failing to this mandatory pre-requisite, the bankruptcy claim of that particular candidate shall not be discharged completely. The basic premise behind implementing such legal mandates is to educate debtors about effective strategies for budgeting and managing money with an intention that such problems do not arise in future. Thus, the individuals who are filing for bankruptcy must attend and complete bankruptcy pre filing course and pre-discharge bankruptcy course, if they want their debts be discharged successfully.
Besides this, you also need to know that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, require this course to be taken from an institution that is approved by the government. Nowadays, there are few reliable and approved institutions on the internet, like the one available at myonlinebankruptcyclass.com that can help you fulfill these mandatory requirements, by providing you online bankruptcy classand certificate for the same.