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Why You Need To Join Online Bankruptcy Class

Bankruptcy is not an easy decision. You may feel drained and depressed. Basically it is court orders that you can apply for if you are in debt. In case you are thinking about bankruptcy and you have no money to pay your debts, or have so little that it will take you years to repay them then it is a good option. Moreover once you have been made bankrupt, you are longer needed to deal with the people you owe money to. When the bankruptcy order is over, you get a chance to make a fresh start and the money you owe is usually written off. However you need to consult an expert on the subject before taking the crucial decision since there are advantages as well as disadvantages of going bankrupt.

If you are faced with bankruptcy, you'll need expert advice. You can get advice about your debt problems and bankruptcy from online counselors. The main benefits of going bankrupt include: •	Some pressure is taken off you as you are not needed to deal with your creditors •	As a law you are allowed to keep basic things •	After completion of bankruptcy you can make a fresh start •	The money you owe is usually be written off

When you are ready to file for bankruptcy the first and foremost step you have to take is pre-filing bankruptcy credit counseling class. It is needs to be undertaken by an approved provider. It is a simple process that can be accomplished even at online premise. The Pre-Filing Bankruptcy Credit Counseling Class or online bankruptcy class is offered by MyOnlineBankruptcyClass.com. It is approved by the US Trustee.

According to Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 it is mandatory for people who plan to file for bankruptcy protection to take a credit counseling class from a government-approved organization within 180 days before they file.

Subsequent to this they also must undertake a debtor education course to have their debts discharged. You have to take the class in a sequence and not at the same time. Since you opt to take the class online it is convenient and arranged according to your time limitations. Evidently these are interactive classes and takes about 2 hours to complete. In case you are short of time you may log in and log back out and continue were you left off. After completing your bankruptcy class you are issued a Certificate of Completion.

Choose An Experienced Provider For Pre Discharge Debtor Education
Individuals considering the option of filing for bankruptcy need to understand the process to begin with. Under bankruptcy law, they need to complete two required courses: one before they file for bankruptcy known as pre-bankruptcy or pre-filing credit counseling course and one after they file for bankruptcy better known as pre-discharge debtor education or personal financial management course. One needs to take these courses in case they decide to file for Chapter 7 or Chapter 13 bankruptcy. The initial program- credit counseling course should be completed within 180 days before filing for bankruptcy and the debtor education course needs to be undertaken after filing for bankruptcy.

Since both the courses are a very important part of the filing process it is essential that individuals take the utmost care when choosing their provider. Only a certified provider with immense experience and capability should to be chosen for an outcome that not only provides you with a certificate of completion but also gives you customized alternatives and recommendations based on your current situation. A provider who offers the course online, is most often a preferred choice of many distressed individuals.

It is fundamental that the individual facing such a problem is given support and confidence instead of being treated like just a number. Taking the courses online may facilitate debtors with saving them time, driving expenses and give them flexibility to complete the course at their own time and at the comfort of their home. The provider needs to be understanding of the hardships the debtor is experiencing and thorough in the knowledge of the subject.

The pre-filing credit counseling usually encompasses an evaluation of debtor’s financial situation and the discussion about their personal budget plan. There will also be conversation and detailed information about alternatives to bankruptcy. However it must be noted that the counseling agency has no power to give advice on whether to file bankruptcy or when to file for bankruptcy. This power rests with an accomplished bankruptcy attorney who can particularly advise the individuals on the bankruptcy option based on the debtor’s particular situation.

The second class, Pre discharge debtor education that one must complete, is the pre-discharge personal financial management. This is a mandatory program and the debtor’s debts will not be discharged in bankruptcy until he or she completes it. This program is meant to provide them with skills to be in a better financial situation with greater knowledge of financial basics. It really helps people education so they don’t experience more financial problems after bankruptcy. It is a 2 hours long program which includes a discussion about financial management and planning, including budgeting, managing money, and using their credit wisely. Similar to credit counseling the second program may be taken in different delivery methods, but with the conveniences of the internet, many prefer the online delivery method.

Online Bankruptcy Class - Convenient and Affordable Option to Choose
Due to fragile economic conditions, increasing number of people is getting involved into financial strife. In such dire financial straits, pronouncing bankruptcy is the only option left for them. If you think you are unable to repay your huge debts, and are therefore preparing for declaring bankruptcy then you needs to fulfill some mandatory legal requirements. Bankruptcy process requires serious attention to detail and strict adherence to federal prerequisites. One such mandatory prerequisite specified in the provisions of Bankruptcy Abuse Prevention and Consumer Protection Act, 2005 is that debtors planning to file bankruptcy need to attend and complete the Bankruptcy Class.

Bankruptcy Abuse Prevention and Consumer Protection Act mandate the person who plans to file for bankruptcy protection to take two different types of bankruptcy classes - Pre-Filing Bankruptcy Class or Credit Counseling Class and the Pre-Discharge Bankruptcy Class or Debtor Education. The debtors must possess the certificate to prove that they have attended and completed these bankruptcy classes.

The law itself clarifies the period within which the bankruptcy class is needed to be attended and completed. Among the aforesaid two, the former must be completed within the six month period prior to filing, while the later must be completed before your discharge petition is decided by the appropriate authority.

Despite the fact that people filing for bankruptcy are required to attend these bankruptcy classes before they file for bankruptcy, these classes do not educate people, on the aspects related to filing for a bankruptcy. On the contrary, these Bankruptcy Pre Filing Course and Pre Discharge Course aims at educating the debtors on types of alternatives to bankruptcies, budgeting strategies for avoiding bankruptcies, types of bankruptcies, etc.

Besides this, you also need to know that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, require this course to be taken from an institution that is approved by the government. Nowadays, there are few reliable and approved institutions on the internet that can help you fulfill these mandatory requirements, by providing you online bankruptcy class and certificate for the same. Thus, you can now take help of online mediums to find one such government approved institution.

Myonlinebankruptcyclass.com is one institute that is approved by the Executive Office of the United States Trustee, providing online bankruptcy class and award a Certificate of Completion on successful completing of the course. Completing these two bankruptcy classes online at myonlinebankruptcyclass.com is not only convenient but also affordable.