Did you receive Bankruptcy Official Form 423? Not sure what to do with it? Read on to learn more about this important bankruptcy form.
If you are on the receiving end of Bankruptcy Official Form 423, then it is safe to say that you are in the middle of a bankruptcy.
The law requires bankruptcy filers to complete two classes. First, a debtor must complete a pre-filing class. Second, a debtor must complete a post-filing class.
Bankruptcy Official Form 423 informs debtors of their requirements to complete the second class. Officially, the class is called a “Financial Management Course.”
Where to Take a Financial Management Course
Luckily for bankruptcy filers, many companies provide the Financial Management Course. Most providers offer online courses these days.
It pays to shop around! The bankruptcy court does not set the price of the Financial Management Course. Providers are free to charge whatever they want for this important class.
Bankruptcy law requires that the Financial Management Course consist of no less than two hours of instruction. So snuggle up with your laptop and cup of coffee.
Important Form 423 Information
Official Form 423 tells debtors several important pieces of information. For instance, debtors only have a certain amount of time to complete their Financial Management Course. In fact, the bankruptcy court will close a bankruptcy case without a discharge if a debtor does not complete the class on time.
A debtor can reopen their bankruptcy case to file their missing certificate. However, the bankruptcy court charges a $260 filing fee just to reopen the case. As you can see, missing the deadline for the Financial Management Course is an expensive mistake!
Form 423 also tells debtors that they need to file their course completion certificate with the court. Some debtors forget to file their certificate with the court. Again, the bankruptcy court will close a debtor’s case if the debtor forgets to file the certificate.