By Ullian Associates of The Law Firm of Ullian & Associates, P.C. on May 21, 2015
Every Debtor must complete two courses on financial literacy to successfully complete his/her bankruptcy. In 2005 when the Bankruptcy Code was rewritten, lawmakers felt it was important for Debtors to receive basic education on financial matters in hopes that it would help them in the future. The first course is called Debtor Education and must be completed prior to filing the bankruptcy petition. The second course, Financial Management, must be completed at the end of the case. In a Chapter 7, this occurs after the meeting of creditors. In a Chapter 13, the Financial Management course is done after all of the Plan payment have been made. The companies that provide these courses must be approved by the Trustee's office.
Most companies offer a way to take the course online and over the phone and offer the service in multiple languages. If you have not completed the Financial Management course, the court clerk will issue a reminder that it needs to be done. If you do not complete the course and file the required Certificate of Completion with the court by the deadline, then per sections 727(11) and 1328(g) of the Bankruptcy Code, you will not receive a discharge of your debts. If is very important to take care of this requirement in a timely manner.
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