Macco & Corey P.C.

Credit education is required before and after bankruptcy process

Credit education is required before and after bankruptcy process

Many people come to the important decision to file for personal bankruptcy after struggling with their finances. A bankruptcy can be one way to achieve a much needed financial fresh start for individuals who have had trouble. While a bankruptcy may seem like an easy way to end financial struggles, people should know that there are many requirements that must be fulfilled in order for a discharge of debts to be granted. Without the discharge, people won’t get the debt relief they seek.

One of the requirements that Long Island residents must fulfill when they petition for bankruptcy relief is the education requirement. People must take certain classes that help them understand how to make different financial decisions in the future.

According to the U.S. Courts, there are two types of educational classes that debtors must take. The first is a credit counseling class. This must be taken and completed before a person files the bankruptcy petition. Additionally, credit counseling can only be taken from an agency that is approved by the U.S. Trustee Program.

In addition to credit counseling, debtors must also complete a debtor education course. This educational requirement must be completed prior to the discharge but after filing for bankruptcy. Again, an individual must take this debtor education course from an approved agency. A person must also receive a certificate of completion before the individual has satisfied this requirement.

These steps are just two of the many requirements necessary to successfully complete a personal bankruptcy. These steps should be taken carefully so that people get the debt relief they need. An attorney can provide more information for those seeking bankruptcy protections in New York.