What Is Debtor Education
Below is a MRR and PLR article in category Finance -> subcategory Debt Consolidation.
Understanding Debtor Education
Overview of Post-Filing Debtor Education in Bankruptcy
Debtor education is a crucial step following a bankruptcy filing. An approved debtor education course provides guidance on budgeting, money management, wise credit usage, and more. This course can be taken in person, via phone, or online. It typically lasts around two hours, with fees ranging from $50 to $100. If you can't afford the fee, you can request a waiver from the provider.
Certification Process
After completing the debtor education course, you’ll receive a certificate of completion, separate from your pre-filing credit counseling certificate. It’s important to ensure your certificate comes from a provider approved in your judicial district. Check the U.S. Trustees website for verification. Providers shouldn’t charge extra for the certificate unless disclosed before you start the course.
Selecting a Credit Counselor
When choosing a credit counseling organization, it's essential to conduct thorough research. Ensure services come from approved providers within your judicial district. Here are some questions to consider:
- What services are offered?
- Will you assist in creating a plan to avoid future issues?
- What fees do you charge?
- What if I can't afford the fees?
- Are your counselors accredited or certified? What training is provided?
- How is my personal and financial information kept confidential?
- Are employees incentivized for certain services or contributions?
Additional Information and Support
The U.S. Trustee Program works to uphold integrity within the bankruptcy system, overseeing private trustees and the overall bankruptcy process in all states except Alabama and North Carolina. It includes 21 regions and 95 field offices.
If you encounter issues with credit counseling agencies or debtor education providers, such as inadequate service, contact the U.S. Trustee Program. Email or write to the Executive Office for U.S. Trustees, Credit Counseling and Debtor Education Unit, 20 Massachusetts Avenue, N.W., Suite 8000, Washington, D.C., 20530. Provide details like the organization’s name, contact date, and contact person.
The Federal Trade Commission (FTC) also works to protect consumers from fraudulent and unfair practices. To file a complaint or obtain free consumer information, contact the FTC at 1-877-FTC-HELP (1-877-382-4357). The FTC compiles complaints into Consumer Sentinel, a secure online database accessible to numerous law enforcement agencies.
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