I've Heard I Have to Take Classes in Order to File Bankruptcy

November 14, 2010

First of all, do not panic. The classes you have to take aren't graded and you can take them in person, over the phone or online - whatever is most convenient for you. The government doesn't require that you get a degree in order to file for bankruptcy. You only have to take two classes. The first one takes about an hour and must be completed after you file your petition and before you have your hearing with the Trustee. The second class takes a little bit longer (but not much) and has to be completed after your hearing with the Trustee and before the judge will grant a discharge in your case. So, really, it is only 2-3 hours out of your life. You do not have to study for them and when you finish a course, you don't get a letter grade, just a certificate of completion that you turn in to the Trustee.

It doesn't sound like that big a deal, does it? It really isn't. So why bother? Well, first, you won't be able to get your debts discharged without completing both classes. The hope is that the Credit Counseling and Debtor Education classes will teach you ways to better plan financially so that you don't find yourself in bankruptcy again someday. Like anything in life, you will get out of it what you put in. Sure, you can breeze through the courses, get your certificates of completion and call it a day, but the courses just might give you a good tip or two that help you in your post-bankruptcy life to manage your finances. Try to approach them with an open mind.

Even if you have degrees in finance and economics, have always been responsible with your money and find yourself thinking about bankruptcy right now because of situations beyond your control, take the courses seriously. In a way, they are hoops you must jump through to reach your ultimate goal of freedom from debt, but even those of us who do this kind of thing for a living can use a refresher course in personal finance.

Article provided by Arizona Law Group of Trezza & Associates, LLC
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