Financial Management Course for Chapter 13 Bankruptcy in New York City
In addition to the monthly payments required under a Chapter 13 repayment plan in New York City, Chapter 13 also requires filers to complete financial management counseling before you conclude your Chapter 13 Bankruptcy repayment plan. Not to be confused with the credit counseling course that is required before filing bankruptcy, financial management counseling, also known as budget counseling or pre-discharge counseling in Chapter 7 cases, must be taken after you file Chapter 13 bankruptcy, but before your plan is concluded. Your bankruptcy attorney will assist with this requirement and will often include the cost of your course with your other bankruptcy needs. While you can wait to take the course until your 3-5 year repayment plan is nearing its end, we recommend our clients get it out of the way early as the education can be very helpful to some people that need to budget for their Chapter 13 plan.
The course must be taken through a firm approved by the Office of the US Trustee. It only takes a couple of hours to complete and we can help arrange the courses to be taken online or on the phone. You won’t be in a classroom with other bankruptcy filers, nor will there be a physical teacher in the room for instruction. The course will cover some basic financial management topics, and will provide some valuable knowledge and advice for your fresh start moving forward. After the course your attorney will file the official certificates of completion and you will be free to complete your Chapter 13 repayment plan. The certificates must be filed no later than the last due date of your Chapter 13 plan, but we will help you get this finished early so you can have the benefits of the budgeting education.
If you file Chapter 13 you will have some requirements beyond your monthly repayment plan, but with the help of your attorney they are really no big deal. Don’t let the fear of the classroom keep you from the financial relief you deserve. Bankruptcy and the required education that goes along with it are designed to help debtors, not embarrass or expose them. Get the facts for yourself and work with an attorney familiar with both Chapter 7 and Chapter 13 filings in New York. Your choice of attorney can have a big impact on your bankruptcy case. If you live in New York City contact the Law Offices of William Waldner online or at 212.244.2882 to arrange a free consultation today. We only practice bankruptcy law and maintain a better than 99% Chapter 7 bankruptcy discharge record in New York City as of 9/11/15.
**** DISCLAIMER: This article is intended for educational purposes only. By reading no attorney-client relationship has been created. Prior results do not guarantee a similar result for future clients.