Before Filing, You’ll Need Bankruptcy Education Classes
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a piece of legislation passed by the 109th United States Congress, is a 512-page document. If you’re thinking of declaring bankruptcy, it’s the last document you have time to read. However, you should be aware of its major points.
The new law makes it more difficult for consumers struggling with debt management to file a Chapter 7 bankruptcy, which allows debt forgiveness and discharge. Consumers are now more likely to file Chapter 13 bankruptcies, which require them to pay back all debts owed, usually through a debt management plan. The law also requires consumers to complete bankruptcy education sessions — often coupled with credit counseling — prior to filing. Consumers must demonstrate a certificate of bankruptcy counseling completion prior to filing, as well.
Advantage CCS, located in Pittsburgh, Pennsylvania, offers online bankruptcy education classes to help consumers objectively assess their debt-to-income ratios; their debt management plans and styles, and the pros and cons of declaring bankruptcy. That last action should not be taken carelessly – filing is a major black mark on a person’s credit score and financial history. The 2005 legislation was designed in part to protect consumers from making such rash decisions.
Whether you live in New York, Ohio or Pennsylvania, you can enroll in online bankruptcy classes. Advantage CCS also offers these classes on-location at our Pittsburgh, Pennsylvania headquarters. Completing class requirements is similar to completing requirements for a high school or college course you might have taken: you will read material, you will take quizzes, and you will complete a final test at the conclusion of the course.
Bankruptcy education is a necessary first step in filing for bankruptcy. Upon completion, you will be fully equipped to make some important decisions about your financial future. More importantly, you will have a better understanding of your debt, your finances, and your personal debt management style. Because your financial records are closely scrutinized so our counselors can determine how you got into financial trouble, you will be able to determine what debt management mistakes you are making; and develop a concrete plan for getting out of debt.
Before you declare bankruptcy, enroll in an online bankruptcy education class with Advantage CCS.