Wheeling, IL (PRWEB) January 28, 2006
It’s back to school for consumers who file for bankruptcy under the new Bankruptcy Act. If one wants to get a fresh start through Chapter 7 bankruptcy or if one desires to consolidate his debts under Chapter 13 bankruptcy, he will have to go back to school. That schooling is a two hour debtor education class which must be completed in order to receive a discharge. The providers or educators of this class must have first been granted approval from the Executive Office of the United States Trustees. A typical class may cover such financial education topics as:
1. Understanding Money and Credit
2. Money Management
3. Wise Use of Credit
4. Consumer Information
CCCS, Inc. (Consumer Credit Counseling Service of Greater Atlanta) is offering the course for $ 50.00 per household. They also provide the class via the internet, twenty-four hours a day, everyday. A completion certificate is provided at the conclusion of the class.
In the suburbs of Chicago, Chapter 13 Trustee, Glenn Stearns, is offering an approved, educational class. His class is being offered free of charge to Chapter 13 debtors who were assigned to his office. Chicago consumer bankruptcy attorney and American Bankruptcy Institute member, David Siegel, states that “Glenn Stearns’ class is likely to be exceptional. He has a strong grasp of what is important as it relates to debtors in the post-bankruptcy reform era.” For further information (http://www.bankruptcylawyerschicago.com)
For many bankruptcy filers, this is the first time that they have been back to school. The purpose behind the schooling is to educate debtors so that they are not likely to file bankruptcy in the future. It is unclear as to whether the required schooling will have the desired effect since the severe economic factors that lead individuals to file still exist.
For More Information:
David M. Siegel