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Fulfilling your bankruptcy education requirement

As a part of the bankruptcy process, debtors will need to attend credit counseling and debtor education courses intended to educate them on sound financial practices to prevent them from getting into debt trouble again. These education and counseling courses are required for all Ohio residents who enter into the bankruptcy process, regardless if it is Chapter 7 or Chapter 13. This article will discuss how this education and counseling works.

Prior to filing for Chapter 13 or Chapter 7, debtors must fulfill the credit counseling requirement. Credit counseling is carried out online, via the phone or in person, and it must be completed within 180 days prior filing for bankruptcy. The reason for the credit counseling requirement is to establish whether better alternatives to bankruptcy may exist. For example, perhaps the credit counseling will reveal that a debtor could reorganize his or her finances and use a debt repayment plan to more cheaply and effectively satisfy his or her debt obligations.

Debtor education is required after filing for bankruptcy and it must be completed prior to receiving a discharge. In Chapter 7, this requirement must be completed within 60 days of the date set for the 341 meeting when the debtor meets with his or her creditors. With Chapter 13, it must be completed before the last payment plan payment is made. Debtor education helps debtors learn methods for managing their finances so that they can avoid getting into debt troubles in the future.

Ohio residents with further questions about debtor education and credit counseling may wish to seek out a bankruptcy attorney for guidance. At The Rose Law Office, we help numerous individuals navigate the bankruptcy process, we assist individuals in determining if bankruptcy is right for their needs and help them determine what kind of bankruptcy is most appropriate.

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