CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

Is there Such a Thing as Bankruptcy School?

If you’ve heard anyone talking about bankruptcy and what’s needed to successfully use it to remedy financial problems, you might have heard mention of bankruptcy classes or bankruptcy school.

Bankruptcy is a tool that helps you get a fresh financial start, but it’s also a process that requires you meet a few obligations. You need to file your initial application, disclose your financial situation, and if you’re filing Chapter 13, propose a repayment plan.

You also need to participate in bankruptcy education. It’s a requirement and to complete your bankruptcy, you’ll need to show proof you participated.

Education Requirements for Bankruptcy

The first round of bankruptcy school you’re required to complete is bankruptcy credit counseling. This is a part of the initial filing process and you’ll need to complete the course before you can officially apply for bankruptcy.

The class is required to prevent people struggling financially from making a bad choice.

There are instances in which people felt pressured into filing for bankruptcy when it really wasn’t the right choice for them. Congress enacted the credit counseling course so people would understand their situation better before deciding to apply for bankruptcy.

EducationThe class is run by a third-party and gives you information about who will and who won’t benefit from bankruptcy. It’s required even if you’ve already decided bankruptcy is right for you, but if you’re unsure, the class can help you make a final decision.

Bankruptcy credit counseling must be completed within six months of filing for bankruptcy. If you take your counseling class and more than six months elapse, you’ll need to take the course again.

Financial Management Class

In addition to the credit counseling class you’ll need to take to enter into bankruptcy, you’ll need to take another class to get out of bankruptcy.

An approved financial management class is your ticket out of bankruptcy. This class helps debtors who have needed to use bankruptcy to remedy their financial situation understand how to avoid having to file a second time.

This isn’t to say that anyone is to blame for bankruptcy – the opposite is usually the case, though some people do need to file for bankruptcy because they had trouble managing their commercial debt and credit cards. The intention of the class isn’t to make you feel bad about your current situation, but to help you avoid problems in the future.

To learn more about why people file for bankruptcy, check out this article from Investopedia.com.

This second round of bankruptcy school typically takes an hour or two to complete and can be done online. Once complete, you’ll need to show proof of your attendance to have your debt discharged. Failing to show this proof means your case will be closed and you’ll receive no discharge.

In both cases, the class you take must be court-approved, so don’t just attend whatever class you happen to find online. Your attorney can help you find classes and if you’ve already found a class, can tell you if it meets the obligations set forth by the bankruptcy court.

If you have questions about bankruptcy school or the education requirements of filing for bankruptcy, we can help. Contact the Law Office of Robert M. Geller at 813.254.5696 for more information.

Tampa Bankruptcy Law Blog

How Bankruptcy Can Help You If You are Facing Foreclosure

How Bankruptcy Can Help You If You are Facing Foreclosure

Owning a home is part of the American dream and losing that home through foreclosure is a nightmare. Mortgage foreclosure
Read More
How Can Undue Hardship Help You in Bankruptcy If You’re Dealing with Student Loan Debt?

How Can Undue Hardship Help You in Bankruptcy If You’re Dealing with Student Loan Debt?

Despite millions of Americans struggling with student loan debt and a good deal of them defaulting on or at risk
Read More
Help! I Changed My Mind and I Want to Withdraw My Bankruptcy

Help! I Changed My Mind and I Want to Withdraw My Bankruptcy

Help! I Changed My Mind and I Want to Withdraw My Bankruptcy Filing for bankruptcy is a great way to pull
Read More
Do I Need to Be a Citizen to File for Bankruptcy?

Do I Need to Be a Citizen to File for Bankruptcy?

America is filled with people who have debt, but America also offers more resources to deal with debt than many
Read More
Don’t Let the Emotions of Bankruptcy Hold You Back

Don’t Let the Emotions of Bankruptcy Hold You Back

Filing for bankruptcy can be one of the smartest and most effective ways to resolve your financial difficulties, but many
Read More
How is Cash Handled in Chapter 7 Bankruptcy?

How is Cash Handled in Chapter 7 Bankruptcy?

It might surprise some people to know that someone with cash can still file for bankruptcy. As a matter of
Read More
Am I Too Young to File for Bankruptcy?

Am I Too Young to File for Bankruptcy?

There’s a common misconception that the majority of people who file for bankruptcy are of a certain age. Some people
Read More
Top Three Bankruptcy Tips

Top Three Bankruptcy Tips

Filing for bankruptcy can be an overwhelming experience. Many people postpone filing to avoid the intimidation and anxiety they assume
Read More
Is there Such a Thing as Bankruptcy School?

Is there Such a Thing as Bankruptcy School?

If you’ve heard anyone talking about bankruptcy and what’s needed to successfully use it to remedy financial problems, you might
Read More
Three Important Things to Know about Bankruptcy and Taxes

Three Important Things to Know about Bankruptcy and Taxes

Bankruptcy offers relief when debts have gotten out of control. Chapter 7 bankruptcy results in a discharge of certain debts, which
Read More

Contact Us

Search Website

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo 10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2017 Robert Marc GellerReviewsout of 32 reviews LEA

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online    

Office Locations

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405
Maps & Directions


Tampa Law Office Map

Satellite Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: 727-532-3939
Maps & Directions


Map and Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.