It is important to remember that credit counseling and post bankruptcy counseling (debtor education course) are two different things. Credit counseling is required, but should be done before filing a petition for bankruptcy. Post bankruptcy counseling (debtor education) is required too but should be done after filing a petition for bankruptcy and before debt is released. Debtor education also takes up more time than credit counseling. Debtor education will probably take about 2 hours.



The course will include the following topics: budget development, money management, wise use of credit, and consumer information. Under budget development, you will learn how to set short and long term financial goals, develop skills that you need to achieve these goals, calculate your gross and net monthly income, and identify and classify your expenses as fixed, variable or seasonal. The money management topic will teach you how to maintain sufficient financial records, to develop skills that will help you distinguish wants from needs, how to do comparison shopping. You will also learn the types and costs of insurance and how to get and maintain needed insurance coverage. They will teach you how to save for emergencies and seasonal payments.



You will be taught also how to use credit wisely; types, source, and cost of credit and loans; identify debt warning signs, where credit should be used and what the alternatives are; how to keep yourself updated on your credit rating. The consumer information topic will provide you with additional resources such as where to get consumer assistance, what are the consumer protection laws and regulations that you need to be aware of especially those relating to credit and consumer fraud.

The course will definitely be beneficial, not only will it fulfill the bankruptcy petition requirements, but it will open your eyes on better ways to handle your finances.