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Road back from bankruptcy includes debt management classes

A lot of people do not realize how many steps there are in the bankruptcy process. One often overlooked element of a Chapter 7 bankruptcy filing is a personal financial management course, which is required before someone is eligible to have their unsecured debts discharged. This course is intended to help people get the right systems in place to help them manage their money more effectively in the future so that they can avoid getting into overwhelming debt after their current burdens are discharged.

For many people this process can be helpful. Recently the case of former teen pop star Aaron Carter came back into the news as he makes his way through a Chapter 7 bankruptcy filing. The young man, now 26-years-old, filed for bankruptcy with about $2 million in debt. He is one step closer to having those debts resolved and getting back into better financial shape after the completion of the debt management class.

Mr. Carter cited various debts in his bankruptcy filing, including over $1 million in tax debt, which is typically not eligible for discharge under the bankruptcy process. He also struggled with his credit cards and other types of debt. He has said that much of the debt and mismanagement occurred when he was a teenager and had several hit songs and a nationwide tour, but was not in control of his own finances. He has returned to performing and is earning money on tour, but like so many others recovering from a massive debt burden, will need time and help to become totally solvent again. 

Source: Daily Mail, “Oh Aaron! Carter takes step towards solvency after competing debt classes,” Mike Larkin, Jan. 29, 2014.

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    Posted by MaryDecember 11, 2015

    "I am overwhelmed by your response to my call, even 10 years after my bankruptcy was discharged. You have more knowledge and expertise than I could have imagined. Because of you, my fears have been put to rest. For that, I'm so very grateful. Thank you many times over. "

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    "... I was extremely impressed with Charles' understanding of the bankruptcy laws to the extent that I felt certain that my best interests were always at the forefront. "

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    Posted by MarleneJanuary 8, 2014

    He helped me thru my 1st bankruptcy and now the second. I had no idea what to expect , but they kept me informed and answered all my questions. Mr. Schneider is the most experienced and knowledgeable lawyer I have ever met. If you have to file call this attorney first!

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