what does the after you file bankruptcy course contain

You will complete a credit counseling course before filing bankruptcy. There's a second course you must take after filing bankruptcy. It covers personal financial management and can help you take advantage of your fresh start after erasing your debts through bankruptcy.

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What is the second course I have to take after bankruptcy?

Jan 12, 2019 · There's a second course you must take after filing bankruptcy. It covers personal financial management and can help you take advantage of your fresh start after erasing your debts through bankruptcy. You have to take this course after your case is filed but make sure it’s be completed within 60 days from the date of the meeting of creditors.

When do I have to take the debtor education post bankruptcy class?

Start on your payments if you are in Chapter 13: About a week after our Topeka bankruptcy attorneys file your petition, you will receive a notice from the court that your bankruptcy has commenced. It will have the name and address of the Trustee. If you are in a Chapter 13 repayment plan, immediately make your first monthly payment to the Trustee.

How long does it take to complete a bankruptcy course?

After you file a bankruptcy case, you may get a letter from a company that makes it seem as if you have to use their company to take the Financial Education Course that is required by bankruptcy law. You do have to take a second course, now that you have filed, but you don’t have to take it from any particular company. There are a number of approved companies to choose from, and …

What is the bankruptcy management course?

Within 7 to 10 days after we file your bankruptcy petition, the Bankruptcy Court will send you and each of your creditors a Notice of the Meeting of Creditors. The Notice contains important information about your case such as the case number, the hearing date and time, the location of the hearing, and other deadlines and information related to your case.

What happens after I file bankruptcy?

After you file for bankruptcy protection, your creditors can't call you, or try to collect payment from you for medical bills, credit card debts, personal loans, unsecured debts, or other types of debt. Wage garnishments must also stop immediately after filing for personal bankruptcy.Oct 1, 2021

Can I get an 800 credit score after bankruptcy?

Many people are afraid of what bankruptcy will do to their credit score. Bankruptcy does hurt credit scores for a time, but so does accumulating debt....Bankruptcy Affects High Credit Scores More Than Low Credit Scores.ScoreAverage Drop in Credit ScoreExcellent (850-800)200 pointsVery Good (740-799)200 points3 more rows•Jun 30, 2021

How long after bankruptcy are you cleared?

seven yearsThe bankruptcy public record is deleted from the credit report either seven years or 10 years from the filing date of the bankruptcy, depending on the chapter you filed. Chapter 13 bankruptcy is deleted seven years from the filing date because it requires at least a partial repayment of the debts you owe.Jul 31, 2018

What can you do after Chapter 7?

These include: Sign a reaffirmation agreement agreeing you will still owe the money even after the bankruptcy process is finalized. Buy the property back from the creditor. Continue making payments on the property.Apr 7, 2021

What is highest credit score after bankruptcy?

The exact effects will vary. But according to top scoring model FICO, filing for bankruptcy can send a good credit score of 700 or above plummeting by at least 200 points. If your score is a bit lower—around 680—you can lose between 130 and 150 points.Mar 10, 2020

What is the average credit score after chapter 7?

about 530The average credit score after bankruptcy is about 530, based on VantageScore data. In general, bankruptcy can cause a person's credit score to drop between 150 points and 240 points. You can check out WalletHub's credit score simulator to get a better idea of how much your score will change due to bankruptcy.Mar 25, 2021

Can you get a bankruptcy off your credit report early?

In a Nutshell There's no way to remove a bankruptcy filing from your credit report early if the information is accurate. Bankruptcy will hurt your credit at first, but the effect will lessen over time. And in the long term, it can help you get your financial life back on track.Nov 12, 2021

Does bankruptcy show up after 10 years?

A Chapter 7 bankruptcy stays on your credit report for ten years after your filing date. A Chapter 13 bankruptcy gets removed after seven years because debtors repay at least some of their debt. While the bankruptcy information remains on your credit report, anyone who pulls your credit can learn of your filing.

What happens after discharge in a Chapter 7?

For most filers, a Chapter 7 case will end when you receive your discharge—the order that forgives qualified debt—about four to six months after filing the bankruptcy paperwork. Although most cases close after that, your case might remain open longer if you have property that you can't protect (nonexempt assets).

Can you buy a car after Chapter 7?

The bottom line. While you can purchase a car after bankruptcy, you should do so only if you can afford it. When financing an auto loan, expect to pay a higher interest rate. Although waiting for your credit score to improve can lower your rate, sometimes it's not possible.Feb 12, 2021

Can you keep your tax refund after filing Chapter 7?

If you file a Chapter 7 bankruptcy early in the year, the entire tax refunds for the previous calendar year must be protected even if you have not yet filed your tax returns. Once the tax returns have been filed, you also must protect the entire amount unless you receive the refunds before you file your Chapter 7.

What can you not do after filing Chapter 7?

What Not To Do When Filing for BankruptcyLying about Your Assets. ... Not Consulting an Attorney. ... Giving Assets (Or Payments) To Family Members. ... Running Up Credit Card Debt. ... Taking on New Debt. ... Raiding The 401(k) ... Transferring Property to Family or Friends. ... Not Doing Your Research.

How much does it cost to take the second bankruptcy course?

This course is taken after you file for bankruptcy and the cost is $14.95 per household . If you need to register for the First Bankruptcy Course, which is taken before you file for bankruptcy, please click here.

What is DebtorEdu?

DebtorEdu is approved to issue certificates evidencing completion of a debtor education course in compliance with the Bankruptcy Code. Approval does not endorse or assure the quality of a Provider's services. This course is available on the Internet 7 days a week, 24 hours a day, 365 days of the year.

What is pre bankruptcy counseling?

The pre-​​filing bankruptcy credit counseling course is also known as a pre-​​petition counseling session or a budget briefing. You will be required to provide a certificate of completion showing you have completed the bankruptcy credit counseling course prior to filing for bankruptcy. After filing bankruptcy, and after receiving your bankruptcy ...

What is the bankruptcy abuse prevention and consumer protection act?

A: The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 includes two provisions mandating financial counseling and education: Before filing for bankruptcy, consumers are required to have a briefing on the alternatives to bankruptcy; and before receiving a bankruptcy discharge a debtor is required to complete an instructional course concerning personal financial management. These provisions were included to provide debtors in bankruptcy with the skills and tools needed to potentially avoid future financial problems.

What is bankruptcy administrator?

The United States Bankruptcy Administrator Program, a bankruptcy estate administration program established by the federal judiciary, presently serves only the six federal judicial districts in the States of Alabama and North Carolina. The bankruptcy administrator program is separate from the U.S.

Who approves credit counseling in Alabama?

In Alabama and North Carolina, the bankruptcy administrator approves credit counseling and debtor education providers. Lists of approved providers for the six judicial districts in Alabama and North Carolina are maintained by the bankruptcy administrator for that district or bankruptcy court.

Do you have to take credit counseling before filing for bankruptcy?

Credit counseling must take place before you file for bankruptcy; debtor education must take place after you file. Certificate of completion for both credit counseling and debtor education are required but before the filer’s debts can be discharged. Only credit counseling organizations and debtor education course providers ...

What information do you need to file for bankruptcy?

Bankruptcy petitions require a lot of information, but some of the key pieces you will need to include in your petition are as follows: Your name and address. The type of bankruptcy you are filing. The estimated value of your assets, amount of your debt and number of creditors you have.

What happens when you file for bankruptcy?

But what happens when you file a bankruptcy petition? In both Chapter 7 and Chapter 13 bankruptcy, filing a bankruptcy petition triggers a number of deadlines, meetings and conditions that will affect the rest of your bankruptcy process. It’s important to know what to expect so you aren’t caught off guard.

What are the different types of bankruptcy petitions?

When you file a bankruptcy petition, you will file one of four types of petitions. The four types are listed below: 1 Voluntary Petition for Individuals Filing for Bankruptcy 2 Voluntary Petition for Non-Individuals Filing for Bankruptcy 3 Involuntary Petition Against an Individual 4 Involuntary Petition Against a Non-Individual

How long does it take for a bankruptcy notice to be sent to creditors?

This notice usually reaches creditors within 10 days of you filing the petition.

When do you have to make payments to Chapter 13?

These payments should begin within a month after you file your Chapter 13 bankruptcy petition.

What is the most common bankruptcy petition?

The most common petition is the Voluntary Petition for Individuals Filing for Bankruptcy. You use this petition if you are an individual seeking to file bankruptcy. The second petition, the Voluntary Petition for Non-Individuals Filing for Bankruptcy, is for businesses that would like to file bankruptcy.

How long does it take for creditors to meet after filing bankruptcy?

Anywhere from 21 to 40 days after you file your bankruptcy petition, the trustee assigned to your case will hold a meeting of your creditors. You must attend this meeting, and if you have filed jointly with your spouse, your spouse must attend, too.

How many classes do you need to take before filing for bankruptcy?

In both Chapter 7 and Chapter 13 bankruptcy, you (and your spouse if you file jointly) must take two courses before you receive a bankruptcy discharge (the order that wipes out qualifying debt)—one before you file your paperwork, and another afterward. Read on to learn about the second class, a personal financial management course known by several ...

What form do you need to file for bankruptcy?

If that happens, you'll have to reopen your case and repay the entire filing fee. In Chapter 13 bankruptcy, you must file Form 423 and the certificate no later than the date on which you make your last plan payment.

What is debtor education?

It's a financial management course that you take after you've filed for bankruptcy but before you get a discharge. The debtor education course teach es you strategies that will help you stay financially healthy after your bankruptcy.

How long does it take to file a 423?

Filing Deadlines. In Chapter 7 bankruptcy, you must file Form 423 and the certificate no later than 45 days after the date on which your meeting of creditors was first scheduled. Don't miss the deadline. If you do, the court might close your case.

When do you file a 423?

In Chapter 13 bankruptcy, you must file Form 423 and the certificate no later than the date on which you make your last plan payment. You can take the course early on in your case, however, and some attorneys recommend this because the course provides information that may help you budget and complete your plan.

What is a claim in bankruptcy?

The Bankruptcy Code defines a claim as: (1) a right to payment; (2) or a right to an equitable remedy for a failure of performance if the breach gives rise to a right to payment. 11 U.S.C. § 101 (5). Generally, any creditor whose claim is not scheduled (i.e., listed by the debtor on the debtor's schedules) or is scheduled as disputed, contingent, or unliquidated must file a proof of claim (and attach evidence documenting the claim) in order to be treated as a creditor for purposes of voting on the plan and distribution under it. Fed. R. Bankr. P. 3003 (c) (2). But filing a proof of claim is not necessary if the creditor's claim is scheduled (but is not listed as disputed, contingent, or unliquidated by the debtor) because the debtor's schedules are deemed to constitute evidence of the validity and amount of those claims. 11 U.S.C. § 1111. If a scheduled creditor chooses to file a claim, a properly filed proof of claim supersedes any scheduling of that claim. Fed. R. Bankr. P. 3003 (c) (4). It is the responsibility of the creditor to determine whether the claim is accurately listed on the debtor's schedules. The debtor must provide notification to those creditors whose names are added and whose claims are listed as a result of an amendment to the schedules. The notification also should advise such creditors of their right to file proofs of claim and that their failure to do so may prevent them from voting upon the debtor's plan of reorganization or participating in any distribution under that plan. When a debtor amends the schedule of liabilities to add a creditor or change the status of any claims to disputed, contingent, or unliquidated, the debtor must provide notice of the amendment to any entity affected. Fed. R. Bankr. P. 1009 (a).

What is an automatic stay in bankruptcy?

The automatic stay provides a period of time in which all judgments, collection activities, foreclosures, and repossessions of property are suspended and may not be pursued by the creditors on any debt or claim that arose before the filing of the bankruptcy petition. As with cases under other chapters of the Bankruptcy Code, a stay of creditor actions against the chapter 11 debtor automatically goes into effect when the bankruptcy petition is filed. 11 U.S.C. § 362 (a). The filing of a petition, however, does not operate as a stay for certain types of actions listed under 11 U.S.C. § 362 (b). The stay provides a breathing spell for the debtor, during which negotiations can take place to try to resolve the difficulties in the debtor's financial situation.

What happens after a disclosure statement is approved?

After the disclosure statement is approved by the court and the ballots are collected and tallied, the court will conduct a confirmation hearing to determine whether to confirm the plan. 11 U.S.C. § 1128. In the case of individuals, chapter 11 bears some similarities to chapter 13.

Who can request a trustee appointment?

Although the appointment of a case trustee is a rarity in a chapter 11 case, a party in interest or the U.S. trustee can request the appointment of a case trustee or examiner at any time prior to confirmation in a chapter 11 case. The court, on motion by a party in interest or the U.S. trustee and after notice and hearing, shall order the appointment of a case trustee for cause, including fraud, dishonesty, incompetence, or gross mismanagement, or if such an appointment is in the interest of creditors, any equity security holders, and other interests of the estate. 11 U.S.C. § 1104 (a). Moreover, the U.S. trustee is required to move for appointment of a trustee if there are reasonable grounds to believe that any of the parties in control of the debtor "participated in actual fraud, dishonesty or criminal conduct in the management of the debtor or the debtor's financial reporting." 11 U.S.C. § 1104 (e). The trustee is appointed by the U.S. trustee, after consultation with parties in interest and subject to the court's approval. Fed. R. Bankr. P. 2007.1. Alternatively, a trustee in a case may be elected if a party in interest requests the election of a trustee within 30 days after the court orders the appointment of a trustee. In that instance, the U.S. trustee convenes a meeting of creditors for the purpose of electing a person to serve as trustee in the case. 11 U.S.C. § 1104 (b).

What is single asset real estate?

The term "single asset real estate" is defined as "a single property or project, other than residential real property with fewer than four residential units, which generates substantially all of the gross income of a debtor who is not a family farmer and on which no substantial business is being conducted by a debtor other than the business of operating the real property and activities incidental." 11 U.S.C. § 101 (51B). The Bankruptcy Code provides circumstances under which creditors of a single asset real estate debtor may obtain relief from the automatic stay which are not available to creditors in ordinary bankruptcy cases. 11 U.S.C. § 362 (d). On request of a creditor with a claim secured by the single asset real estate and after notice and a hearing, the court will grant relief from the automatic stay to the creditor unless the debtor files a feasible plan of reorganization or begins making interest payments to the creditor within 90 days from the date of the filing of the case, or within 30 days of the court's determination that the case is a single asset real estate case. The interest payments must be equal to the non-default contract interest rate on the value of the creditor's interest in the real estate. 11 U.S.C. § 362 (d) (3).

Can a Chapter 11 case be converted to a Chapter 7 case?

A debtor in a case under chapter 11 has a one-time absolute right to convert the chapter 11 case to a case under chapter 7 unless: (1) the debtor is not a debtor in possession; (2) the case originally was commenced as an involuntary case under chapter 11; or (3) the case was converted to a case under chapter 11 other than at the debtor's request. 11 U.S.C. § 1112 (a). A debtor in a chapter 11 case does not have an absolute right to have the case dismissed upon request.

What is the role of a trustee in bankruptcy?

The U.S. Trustee or Bankruptcy Administrator. The U.S. trustee plays a major role in monitoring the progress of a chapter 11 case and supervising its administration. The U.S. trustee is responsible for monitoring the debtor in possession's operation of the business and the submission of operating reports and fees.