According to the new bankruptcy law, the provider of the financial management course will ensure the consumer that the course will provide, at a minimum, written information and instructions on the topics of budget development, money management, wise use of credit, and general consumer information.  The course must be from an approved provider. 

The financial management course should be a minimum of two hours in length, and can be offered via the internet, telephone or classroom.  At the end of the financial course, the course provider will collect a completed course evaluation from each student.  A Completion Certificate will be provided, which the consumer will file with the bankruptcy court.

What You Will Learn

Under the budget development section of the financial course, you will learn how to set short-term and long-term financial goals, as well as develop skills to assist in achieving these goals.  You should also learn how to calculate gross monthly income and net monthly income, as well as identifying and classifying monthly expenses as either being fixed, variable, or periodic.

From the money management section, you will learn how to keep adequate financial records along with developing
decision-making skills required to distinguish between a want and a need.  You will also learn how to comparison shop for goods and services.  You will learn how to maintain appropriate levels of insurance coverage, taking into account the types and costs of insurance.  You will learn to save for emergencies, save for periodic payments, and how to reach your financial goals.

In the wise use of credit section, you will learn the types, sources, and cost of credit and loans, along with identifying the warning signs of debt.  You will also learn the appropriate use of credit and alternatives to credit use, and how and how often you should check your credit rating.

The general consumer information section will teach you about the public and non-profit resources for consumer assistance.  You will also learn about the consumer protection laws and regulations that apply to you, such as those governing correction of a credit record and protecting yourself against consumer fraud.

Requirements to Take the Course

Under the new bankruptcy law, the provider of the financial management course will require each student to provide proof of identification and a bankruptcy case number.  They will also require students to sign in and out of the course.  

Fees

The fees that the student must pay for the financial management course, along with any contributions or payments, should be reasonable in their amount.  The provider of the course must provide these services without regard to the student's ability to pay, and may not withhold the services because of their inability to pay.