Credit Counseling and Financial Management Course

• People who aren't knowledgeable about bankruptcy law may not be aware of the requirements to complete credit counseling and a financial management course. Credit counseling must be taken 180 days prior to filing for bankruptcy. The certificate of completion should be filed with the bankruptcy petition. The financial management course needs to be taken after the bankruptcy case has been filed. The financial management certificate of completion needs to be filed with the bankruptcy court, as stated in Federal Bankruptcy Procedure Rule 1007(b)(7). The case will be dismissed if these requirements are not fulfilled timely.
  
  

Submit Documents to Bankruptcy Trustee

• Bankruptcy trustees require debtors to submit documents that verify their incomes, assets and expenses. Some of the documents requested by the trustee include pay stubs, bank statements and tax returns. When debtors have not accumulated the documents the trustee needs, it can delay the amount of time it takes to get the case discharged, or confirmed. If the trustee does not receive all of the requested documents, a recommendation for dismissal of the case will be filed with the bankruptcy court.
  
  

Bankruptcy Exemptions

• There are federal and state bankruptcy exemptions that can be applied to a bankruptcy case. These exemptions can be utilized by debtors to help them retain a certain amount of assets. The federal government recognizes that debtors should have the option of keeping certain assets in order to maintain a living standard that is manageable. Many people who file for bankruptcy without hiring an experienced attorney do not know all of the exemptions applicable to their case or understand how to utilize them in their best interests.
  
  

Notices From Bankruptcy Court and Trustee

• Typically, people are dealing with a large amount of debt by the time they file for bankruptcy. Some people may have stopped opening their mail because they are overwhelmed from all of the creditors' notices. Many debtors continue the habit of not opening mail once the bankruptcy case is filed. This can lead to dire consequences for their bankruptcy case because debtors regularly receive notices from the bankruptcy court and trustee. The notices contain information regarding court dates, additional documents that need to be submitted or other requirements that need to be met by certain deadlines. Debtors may also have difficulty understanding the information in the notices or may not know how to comply with the requests of the court without the guidance of a bankruptcy lawyer.