New Credit Management Course – Considering Bankruptcy
Bankruptcy has increasingly become a necessity for private citizens everywhere in the world. CNN Money reported that in the third quarter of 2009, the total number of bankruptcies filed had risen 33%, the highest level since 2005, and the American Bankruptcy Institute, an industry research firm, recorded 388,485 bankruptcies filed during the last quarter of 2009, compared with 292,291 in the same period of 2008. These unfortunate statistics demonstrate that Americans are experiencing the harsh consequences of what we didn’t know about credit management. The 1,117,771 bankruptcy filings in 2009 represent 1,117,771 American individuals’ and families’ sad lessons about financial risk – and we’re far from the only ones. Reuters’ January 5, 2010, report on global consumer and business bankruptcies demonstrated that Americans plenty of company, with 89,402 business bankruptcy filings globally in 2009, compared with 64,584 in 2008, and personal bankruptcies increasing to 1,357,565 in 2009, from 1,031,562 in 2008.
In order to help our clients and partners become better informed and more highly skilled in their financial options, we’ve introduced the Considering Bankruptcy course in our Alaris™ Financial Literacy eLearning Credit Management curriculum. This course builds users knowledge about key items they need to consider to determine whether bankruptcy is a viable option for them. When learners complete this course, they will have more confidence in their decision about filing for bankruptcy to resolve their financial situation.
The Considering Bankruptcy course guides learners through building their skills in:
- Describing the Types of Bankruptcy - Chapter 7 and Chapter 13.
- Identifying which debts bankruptcy eliminates, and which debt does not.
- Using credit counseling and meeting debtor education requirements.
- Identifying the items that require research when considering bankruptcy.
- Understanding the consequences of bankruptcy and the reasons for avoiding it.
- Identifying alternative debt-elimination options other than bankruptcy.
- Considering the complexities and consequences associated with bankruptcy.
- Understanding how to qualify for Chapter 7 bankruptcy.
- Identifying the initial steps in declaring bankruptcy.
- Coping with declaring bankruptcy.
I hope our other Alaris™ Financial Literacy eLearning curricula can help the vast majority of consumers avoid bankruptcy, but for those who are considering it, this new course will help them deal wisely with the decision-making and, if necessary, declaration processes and their aftermath.
What do you think? Please share your comments.