Bankruptcy refers to the process in which involves the applicant of bankruptcy or business becomes unable to repay his all or some of the financial debts. In the crucial and difficult process of bankruptcy, the debtor can file the petition for the bankruptcy process and that is usually done on the behalf of the creditors. All the assets of the debtor get evaluated and measured as those assets can be used to repay the amount of outstanding debt. When anyone going through the bankruptcy files for the chapter seven or chapter thirteen bankruptcy, then he should satisfy all the debtor education requirement and the credit counseling requirements too. The applicant is required to commence and successfully complete the bankruptcy course and debtor education course before getting the discharge. These bankruptcy course and debtor education course are very different from the credit counseling done in the Bankruptcy. An individual or business filing for the bankruptcy should complete the debtor education course and bankruptcy course after the filing of the case in time. When the chapter seven bankruptcy is filed, then this debtor education course should be completed within the sixty days of the mentioned date given for the legal meeting with the creditors, that is also known as the 341 hearing. In the chapter 13 bankruptcy, it is written that it should be completed or commenced before the last payment.
The debtor education course mainly focuses on the financial life of the applicant after the bankruptcy. It tells the applicant that how you should use the credit wisely and properly, how to manage and save the money properly in the near future and how to make the most from the bankruptcy discharge. The actual and primary purpose of the debtor education course is that the people going through bankruptcy become fully trained on how to make the sound and healthy financial decision so that they can avoid the bankruptcy in the future.
The debtor education course teaches the money management techniques and skills to the people and the individual going through the bankruptcy should also maintain the proper own budget by using the expenses carefully and budget after the bankruptcy. The primary focus of this debtor education course is remained mainly on the education of the applicant about the good and sound management of budget, right management of the money and the proper use of the credit after receiving the discharge in bankruptcy.
Anyone who wants to go for the bankruptcy course and debtor education course should always go for the good agency, so that the applicant should try to properly understand the right money and financial management. There are many other courses for the bankruptcy that can also be considered like the bankruptcy course, bankruptcy pre-discharge course and the second bankruptcy course. The first step that is essential for filing the bankruptcy is getting or receiving the bankruptcy certificate. To get the bankruptcy certificate, the applicant must complete the credit counseling course from any well-established and government approved agency or organization.