Questions Concerning Bankruptcy

Explain Pre-Bankruptcy Credit Counseling?

• The Pre-Bankruptcy Credit Counseling or Budget Briefing is an analysis of your existing financial situation along with a study of factors leading to this condition, counsel about options to bankruptcy, and assists in formulating a plan in response to the financial situation to prevent any more debt. The counseling usually lasts 60 to 90 minutes. A non-profit credit-counseling agency permitted by the U.S. Trustee's Office can provide bankruptcy counseling which is mandatory before filing for bankruptcy suggest Minnesota bankruptcy attorney.

Explain Post-Bankruptcy Debtor Education Course?'

• The Post-Bankruptcy Debtor Education Course or Debtor Education by default consists of written instructions and information on budget making, managing money, sensible credit usage, and consumer guidance in duration of at least two hours. An agency approved by the U.S. Trustee’s Office can provide the course. File the certificate of completion before the 45th day after the creditors meeting or 341 meeting for Chapter 7 cases. Chapter 13 cases should file the certificate no later to the date - of the last payment under the repayment plan or the date of the filing of a Motion for a Discharge.

'How much do these services cost?'

• Pre-Bankruptcy Counseling costs $29 per household, Post Bankruptcy Debtor Education is $29 per household, Post Bankruptcy Debtor Education Home Study Course is for Individuals $49.00 and Joint $69.00

'How long are the certificates good for?'

• The Pre-Bankruptcy Counseling Completion Certificate remains applicable for 6 months or 180 days from the date noted on your certificate.

'What information do I need before beginning the course(s)?'

• Pre-Bankruptcy Counseling require documentation of - Monthly household income, Monthly household expense, Complete Asset information including real-estate, vehicles, savings, 401k, IRA’s and etcetera, also Unsecured debt (credit cards, personal loans) and Secured debt (mortgage, car) having creditors name and current balance.
• Post-Bankruptcy Debtor Education needs documents of Bankruptcy case number and District of bankruptcy filing obtained from your Minnesota bankruptcy attorney.

Minneapolis bankruptcy lawyer advices only Credit Counseling agency approved by the Executive Office for the United States Trustees (EOUST) can issue Pre-Bankruptcy Counseling Certificates complying with the bankruptcy code. After being certified for completion of the course by a counselor, the certificate of completion is sent to you.