Over the years, filing bankruptcy has become less of a taboo topic and more of a tool. For many people it helps to provide a chance to start over financially, in a sense.
If you are considering bankruptcy, it is essential that you fully understand the process. There are a few key steps to take after filing to ensure the completion of the bankruptcy.
Depending upon the area that you live, there are certain course requirements that you must complete in order to receive a discharge. In the state of Illinois, you must complete two courses:
- Credit counseling
- Debtor education
These courses are not one in the same and are offered through different organizations. You must make sure that the courses you choose meet the set requirements.
The purposes of the two courses are related but still provide different services. The credit counseling provides an education on credit and effective means to eliminate debt, which may help to raise your credit score. On the other hand, debtor education helps you to understand how to budget, manage your funds and properly utilize your income so that you may stay out of debt in the future. Together, these two programs may help you to flourish once you receive your clean slate through bankruptcy.
You must choose programs that have approval from the U.S. Trustee Program. Once you find the accredited institutions in your area, you may select the program that works best for your situation. The trustee overseeing the bankruptcy monitors all aspects of the process, including the completion of the course requirements. If you have any questions, you may consult with the trustee or a knowledgeable attorney to ensure that the process runs as smoothly as possible.
These are important aspects to address through the bankruptcy process. If you are looking to file for bankruptcy, you should take time to understand what all it entails and determine the best course of action to take.