Personal Financial Management Course:
Information for Chapter 13 Debtors
who filed a petition AFTER October 17, 2005
A Personal Financial Management Course is required in order for you to be eligible for a discharge of your debts under your Chapter 13 plan. You must complete this course prior to the completion of Chapter 13 plan payments. The course will provide information on the following topics: developing a personal spending plan, financial decision making, savings strategies, financial goal planning, use of credit, and credit reports.
In the past, the Trustee’s office provided this course to Chapter 13 debtors. However, due to staffing changes, the Trustee will be suspending his program indefinitely.
As a courtesy to individuals who have not yet completed this requirement, this web page will provide you with information about locating an approved provider of this course. Here in the Western District of Virginia, there are many options available to you. Various providers offer several options to complete the course either in-person, online, or over the phone. The course length is typically 2- 3 hours, and with most providers there will be a fee charged (typically $25 – $30 for an individual; $50 - $60 for joint filers).
For a list of approved providers, click this link to go to the Department of Justice Website. Select Virginia from the drop down list of states, and click “Go.” Then scroll down to mid-page to find providers that are approved in the Western District of Virginia.
Remember, you will not be eligible for a Chapter 13 Discharge without completing a course offered by an approved institution. We recommend that you complete this course as soon as possible.
Please feel free to contact our office if you need any additional information.
Useful Handouts: Cleaning up your Credit Report
Other Useful Links:
- Annual Credit Report: The only centralized website approved by the Federal Trade Commission that allows you to request a free credit report from each of the 3 credit reporting agencies once every 12 months.
- CNN Money 101: A step by step guide to gaining control of your financial life
- Trustee's Education Network: Resource page with useful links.