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Pre- and Post-Bankruptcy Counseling
Under bankruptcy law, petitioners need to complete two debt-related programs. One is a credit counseling session that must be completed prior to filing for bankruptcy. This is meant to look at alternatives to bankruptcy to see if there are other solutions to your problem. Once completed, you will receive a certificate as proof of the completion of your counseling. The second program is the post bankruptcy debtor education course which must be completed after you have filed your petition and prior to being discharged. This course is designed to teach you methods to better handle your money. The aim is to help prevent you from ever falling into the same situation in the future.
Less Than Full Balance Program
If an applicant is not qualified to enroll in a debt management plan due to insufficient funds, he is offered the opportunity to participate in the Less Than Full Balance (LTFB) Program which is designed for those consumers who can verify their ability to repay anywhere from 20-75 percent of their unsecured debts over 36 months.. You will need to provide specific information about your household finances, taxes and other obligations that you may have which will determine how much you can afford to pay your creditors.
Financial Education
FFEF provides a 4-page monthly newsletter that includes timely topics regarding personal finance, budgeting, and other money management tools and skills.
Clients also receive a Family Financial Training Course which con- sists of 13 books that cover such topics as Creating Your Budget, Implementing Your Budget, Managing Your Money, Improving Your Lifestyle, Understanding Your Credit, Planning Your Retirement, etc. Certified FFEF credit counselors also provide each client with custom- ized education, financial counseling and coaching throughout his or her debt management program. These books are available online or at the client’s request, mailed to him.
Is a Debt Management Program for You?
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