Debtor Education News and Tips

 Why is this class necessary?

As of October 17, 2005, a “personal finance education” class is now a federal mandate for all  Chapter 13 filers: 

• Must be received from a provider approved by the United States Trustee.
• Must be at least two hours in length.
• Must address certain financial topics and concepts as directed by the United States Trustee.
• Must be completed in order to receive a discharge.

Why We Think This Class Is Important

Many people feel that filing for bankruptcy is a “bad” financial decision that means giving up on future goals.  The truth is that filing for bankruptcy is usually a “good” financial decision that enables people to achieve their future goals by giving them a “fresh start” and helping them get back on track.  

Elizabeth Warren, a Harvard law school professor and bankruptcy expert, has found that for every family that files for bankruptcy, there are seven more who should.  So, the first thing we would like to say to you is, “Congratulations on making a good financial decision.” 

We also want you to know that if you have never been taught about handling your personal finances, you are not alone.  In fact, in our own study of 150 filers, only one person had ever had any type of instruction in personal finance. What is alarming about this is that 59% of these filers had more than a high school education. 

We know our educational system is missing something that is vitally important to each person’s  quality of life and future … how to manage money and make sound financial decisions. We’d like to help with this class.  We are hopeful that you will use this information in your own life and share it with those you love. 

This class is intended to help you be successful throughout your bankruptcy and beyond. It is about helping you move toward your future goals, whatever they may be. This class is about you.