Bankruptcy Counseling Albany NY

Bankruptcy is a legally declared situation in which a person is unable to pay debts as required by creditors. A petition is filed either voluntarily or involuntarily. Read on to get more bankruptcy counseling in Albany.

Local Companies

Douglas James Rose
518-436-0344
8 THURLOW TER
ALBANY, NY
F. Matthew Jackson
518-436-0344
Deily Mooney Et Al, 8 Thurlow Terrace
Albany, NY
Ronald Louis Greene
No street address
Albany, NY
Francis Joseph Brennan
39 N PEARL ST STE 4
ALBANY, NY
Total Bankruptcy has a participating attorney in ALBANY
(866) 525-2557
409 New Karner Road
ALBANY, NY
Shannon De Maranville Frazier
518-465-0400
20 CORPORATE WOODS BLVD
ALBANY, NY
Mark D. Nizer
8 THURLOW TER
ALBANY, NY
Kristie Halloran Hanson
518-355-4525
1801 Altamont Ave
Schenectady, NY
Leigh Ann Hoffman
518-436-0344
8 THURLOW TER
ALBANY, NY
Michael Joel Balanoff
315-701-6366
194 WASHINGTON AVE STE 315
ALBANY, NY
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Bankruptcy Counseling

Author: Peter Gitundu

Bankruptcy is a legally declared situation in which a person is unable to pay debts as required by creditors. A petition is filed either voluntarily or involuntarily. This means that the debtor who has accepted the situation may decide to go to court and file a financial distress petition, or the creditors may choose to file the petition against the debtor.

For the petition to be accepted by the courts, one is required to file, alongside the petition, a recent financial statement showing how they have been fairing financially. Once the debtor has filed the petition and has handed in the required documents, the court appoints a trustee whose duty is to monitor the proceedings of the case. The debtor will now be required to go through bankruptcy counseling immediately after filing the petition.

The petition will be nullified by the court if the debtor does not produce a certificate from an approved agency to show that he has been counseled on financial matters. After the first insolvency counseling session, the debtor goes through one last session which lasts for two hours. The sole aim of this last session is to remove any guilt that the debtor may be carrying and to also equip them with tools of avoiding this situation in the future.

The work of the agency is therefore to guide the debtor on areas they might have gone wrong in the past and identify possible ways of avoiding these pot-holes. The last bankruptcy counseling session is normally carried out in groups. The debtor may also prefer to do this via Internet or through phone conversations. Finally the counselor is to give the debtor a certificate on completion of the two sessions.


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Article Source: http://www.articlesbase.com/personal-finance-articles/bankruptcy-counseling-920523.html

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