A post bankruptcy course is a test that one takes after filing for bankruptcy. You can take this course from online resources or through the mail. This course serves the purpose of debtor education. It assists one to know how to conduct personal financial management.
This course ensures that you have understood what caused your bankruptcy and the actions you can take to ensure that it does not happen again. It also ensures that you understand the consequences of filing for bankruptcy. This course has a number of features. It takes 2 hours to complete. You can take the course in one sitting. However, the law advises that you take it a bit at a time to ensure that you understand it. If you begin the course, make some progress and then log off, you can resume from where you left off next time you log back in.
Thus, you can answer the questions in the course as you learn all about post-bankruptcy at your own speed.
Bankruptcy is often an undesired situation in an individuals life. The laws set to oversee bankruptcy usually vary but often share some guidelines. There are several types of bankruptcy as dictated by the laws but there are two which are mostly associated with individuals. These are chapter 7 and chapter 13. However, sometimes some individuals may opt for chapter 11 bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 is commonly preferred by individuals but also small businesses can use it. However, it is regarded as the harshest. You can also refer it as liquidation or straight bankruptcy.
Bankruptcy is only one choice for someone in debt that is serious there’s an alternative choice which individuals ought to know about specifically the consumer proposition.
Whereas in a bankruptcy your assets are assigned to a trustee (subject to exemptions) who subsequently liquidates them to pay your unsecured creditors, this really isn’t true for a consumer suggestion. The consumer proposition, under the Debts and Insolvency Act, is an offer to pay your lenders that are secured an established amount of money thereby avert insolvency and to extinguish your debts. This cash is paid interest free over a span of up to FIVE years. Continue reading →