Palatine Bankruptcy Attorney Describes Post-Filing Bankruptcy Requir...

Palatine bankruptcy attorney David Siegel states that after your Chapter 7 bankruptcy case is filed but before it goes to discharge, you have the requirement of taking a two hour financial management instruction class.  The two hour financial management instruction class can be done online, in person or over the telephone in certain circumstances.  The purpose of the two hour financial management class is to educate you so that you don’t fall back into debt in the future.  Although you can’t learn everything about personal finance in a two-hour session, the government felt that it would be a good idea for people who are filing bankruptcy to receive some education before they receive a discharge.  

Receiving a discharge is the key point in filing a Chapter 7 bankruptcy.  If you don’t get a discharge, that means that all of the creditors and all of the debts that you listed on your bankruptcy petition are free to come after you again.  Unfortunately, if you don’t take the two hour financial management class and your case closes without a discharge, then all of the creditors you listed are free to come after you again and you’ve got absolutely no benefit I filing a bankruptcy.  In those cases, your attorney can bring a motion to reopen the bankruptcy case for a huge fee and court costs and then have your credit counseling or your financial management certificate entered in court.  I advise my clients to take the two hour financial management class immediately after your case is filed so that you can present it to your attorney at your 341 meeting of creditors.  There is nothing worse than seeing a client go through a long payment plan, gather all of their information, appear for the 341 meeting of creditors and then simply fail to take the two hour financial management class and received a closed case with no discharge. 

Your local bankruptcy attorney who is experienced in Chapter 7 bankruptcy cases will be able to advise you how and when and where to take the two hour financial management class as a post filing requirement to your bankruptcy case.