counseling course advice

[StEt0417]

We just paid our lawyer a deposit to retain him, hopefully paying the rest by Mid December so we can officially file.

Any advice on doing the required counseling course? I couldn't find a thread on this. We are doing the first one required. I started it briefly but realized its a process so I'll have to finish it later. It asked a lot of questions about bills, assets etc..
If we are paying on a car its not considered an asset right? Do we list the bills even if we arent paying on them?

We are going to do it through consumer bankruptcy counseling, since its free.

[drowning123]

Don't go crazy over the counseling course. No one reviews it. It's not going to the court. You don't have to worry about matching numbers with the schedules in your petition. The court just wants to know that you did it. Everything can be approximated. Seriously, don't crazy over this.

[tcreegan]

Hi, StEt,

Get as much out of the course as you can, but don't sweat the details as drowning123 said. The pre-BK course is supposed to be a financial analysis and examinination of what options are available for you. Since you already know you are filing, some of the class may not apply to you. Buy hey, for free you can't miss...

The question about the car being an asset depends on the loan amount vs value of the car. [car value] minus [loan balance] = equity. If equity is positive you have an asset. If equity is negative you don't

For your bills, separate them into two categories: debt payments that are going away in the BK, and bills that will continue post-BK

Getting your bills together, car value, loan, these things are used when you file BK, so some of what you do in class can be directly applied.

Hope you are having a great Thanksgiving!

Tom in Colo