Debtors filing bankruptcy cases have two course requirements they must fulfill: they must take a credit counseling session before even filing a bankruptcy case, and then they must take a “financial management course” after filing in order to receive a discharge.
Procrastinator’s delight: as of December 1, 2010, the deadline for finishing the financial management course (also sometimes called “debtor education”) has been extended. Now a Chapter 7 debtor has until 60 days after the meeting of creditors in order to complete the course.
This is an increase from the previous deadline of 45 days.
However, it is important to note that you don’t have to wait that long — debtors can sign up for, and complete, the financial education requirement, right after their case is filed with the court!
By Doug Beaton