Before filing bankruptcy, you must take a pre-filing credit course. You can take the pre-filing course on the internet or over the phone. During your case, you are required to take a second approved personal financial management course. These two courses must be completed before the bankruptcy court will discharge your debt.
The second required course will take approximately two hours and must be completed in person. The counseling services must be approved by the US trustee’s office with specific curriculum requirements. You can get more information at the US trustee’s office for these courses.
Learn to Budget
These financial management courses are intended to instruct you on how to make a budget and better manage your money. These courses are also to teach you how to manage your finances better and stay out of bankruptcy in the future. If you fail to take these classes, you will not be able to have your bankruptcy case completed and your qualifying debt discharged.
Debt Payment Plans
While taking the credit counseling services, they may try to sign you up for a debt payment plan. You will be responsible for your debt and make payments to the agency to be distributed to your creditors. Be aware sometimes your creditors could get impatient waiting for their payments and take you to court anyway. By filing bankruptcy your creditors are prohibited from taking any collection actions against you.
If you are considering filing bankruptcy and need to know what steps to take contact a Dallas bankruptcy attorney.