When you make the decision to file for bankruptcy, you might be ready to get it over and done with. This isn't likely going to happen unless you had the foresight to undergo credit counseling in the recent past and asked for a certificate of completion. This is because you are required to have credit counseling before you can file for bankruptcy.
The education requirements for bankruptcy are clear. The credit counseling that you need before you file must include creating a budget, a review of your finances and a discussion about any bankruptcy alternatives that might apply to your case. This session will take about an hour or so.
Once you file, you will have to continue your education. You need to go through debtor education. This course is a bit more intensive than the other. You will discuss how to handle your finances and what you need to know when you start to obtain credit again after the bankruptcy. This must be completed before your case will be discharged and you must present a certificate of completion to file with your case.
The education requirements are present to try to prevent you from getting into financial trouble again. The goal is to prevent you from having to file bankruptcy again in the future. It is a good idea to pay attention to what they are teaching in these courses because you might need to remember it later.
If you are ready to file for bankruptcy, take the time to find out which option is right for you. This can make a big difference in what happens later. You should also make sure that you are ready to commit to the process.
Source: FindLaw, "Bankruptcy: Counseling Before Filing," accessed April 05, 2018