You may think you have a good financial grasp on your money until you start having more expenses and less income. Having less money coming in but more coming out can take its toll on your finances, especially if you start using credit cards to cover the discrepancies. Credit cards have limits and as soon as they are maxed out, you might start missing payments altogether. Declaring bankruptcy may sound like a good idea, particularly when you are dealing with substantial debt and continuous financial problems, but you may not quite understand all the requirements that come with this declaration.

One of the requirements necessary before completing your petition to the court for bankruptcy is enrollment and successful completion of an approved credit counseling course. This class helps you to analyze your spending habits and debts, as well as review the basis of good financial planning to help you rebuild after you finish declaring bankruptcy. With different explanations and tools provided by the diverse approved companies, the course has helpful information focusing primarily on good financial habits to help you avoid another situation where bankruptcy is your only choice. Without this completion certificate, your petition for bankruptcy will not be accepted as complete. The certificate also must be no more than six months old or else the court will require you to retake the course.

It’s conveniently provided in multiple formats, including over the phone, a live chat on the internet, or through email. The course is roughly between two to three hours and usually costs about $35 to $50. If you try to go to your bankruptcy hearing without the completion certificate or with an outdated one, you might be surprised at the outcome. The judge has the discretion to grant a continuance, giving you time to take the class to obtain a new certificate, or he or she could dismiss your case altogether. With the convenience of this course’s format and the many methods for access to it, it may not go over well with the judge if you attend your hearing without first completing the course. If your case is dismissed as a result, you will have to file your petition again, which also includes paying the filing fee a second time.

If you decided to and represent yourself in filing for bankruptcy, it’s likely you weren’t aware of this requirement. Save yourself the trouble and possible costly mistakes by hiring an experienced bankruptcy attorney to help guide you through the process. The Law Office of Michael Alan Siddons can help you maneuver through the process of bankruptcy and will be there to explain every step. Mr. Siddons has the experience and understanding of this area of law to help you deal with your financial situation. Call today for a free consultation at (610) 255-7500.