Bankruptcy's Financial Management Course

           If you have file a bankruptcy petition or are considering the need for bankruptcy you will soon be aware that there are a few hoops that must be completed on top of the filing of your bankruptcy petition.  These "hoops" as I call them are financial courses.  One is called a Credit Counseling course and must be completed (in most cases) prior to the filing of the bankruptcy petition.  The second is called a Financial Management Course and must be completed within 45 days of the 341 meeting of creditors (this hearing must be attended by all bankruptcy debtors and is typically 30 to 45 days after the filing of your bankruptcy petition).  Most of my clients at Halcomb Singler complete these courses online.  However, it is possible to complete them via telephone if that is your preference.  The courses are designed to put bankruptcy debtors on a good path toward financial health after the filing of a bankruptcy by giving information and requiring that the debtor(s) take a quiz in order to receive his or her certificate of completion.

         As the title suggests, I am going to concentrate on the Financial Management Course today.  The financial management course is also often referred to as the "post-filing" course.  This is true because you cannot complete the financial management course until after your bankruptcy petition is filed.  It is required that you complete this second course within 45 days of your 341 hearing.  It is very important that this course is completed within the time limits.  This is true because if the debtor fails to complete this course and file the necessary form with the court within the allotted time, the Court may (and does) close the case without a discharge.  This means that the person has gone through the bankruptcy process and has not received the benefit of being discharged from his or her debts.

          If a bankruptcy case is closed without a discharge it normally possible to successfully petition the Court to reopen the bankruptcy to allow the debtor to file the necessary form to allow for the discharge of the debtor's debts.  However, this process requires an additional filing fee and likely addition attorney fees.  Therefore, I typically ask my clients to complete their financial management course as soon as their bankruptcy petition is filed to insure that we do not have a case where the debtors fail to complete the financial management course on time.  There is a fee that the provider charges for this class.  Typically this course would cost about $15.00 and it does take about two (2) hours to complete the course.  I have had many bankruptcy debtors tell me that they found the course very helpful.  So, be aware that there are real consequences to failing to complete this course and get it out of the way early in your bankruptcy.

          For those living in Indianapolis, Carmel, Fishers, Noblesville, Zionsville, or any area near Indianapolis I offer a free consultation to those considering bankruptcy.  I will sit down with you, go over your situation, give you my opinion as to whether bankruptcy would be beneficial for you, and answer your questions regarding bankruptcy.  For your free consultation call me at (317) 575-8222 or click here to request that our office contact you to schedule an appointment.

Halcomb Singler, LLP, is a debt relief agency.  It helps people file for bankruptcy under the bankruptcy code.  No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so.  The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.