Bankruptcy Counseling Astoria 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 Astoria.

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Stuart E. Wachs
212-944-1580
420 5TH AVE
NEW YORK, NY
Heidi Jan Sorvino
212-907-9711
575 Madison Ave
New York, NY
Claude D. Montgomery
212-632-8390
620 5th Ave, Rockefeller Ctr
New York, NY
Jason Tenenbaum
516-750-0595
595 STEWART AVE STE 550
GARDEN CITY, NY
Sandip Bhattacharji
500 5TH AVE
NEW YORK, NY
Michele M. Winneker
1251 AVENUE OF THE AMERICAS
NEW YORK, NY
Michael Steven Schreiber
400 E 85TH ST APT 6H
NEW YORK, NY
Samuel Kirschenbaum
200 GARDEN CITY PLZ
GARDEN CITY, NY
Kenneth Nathan Wolf
212-883-1300
551 5TH AVE RM 1100
NEW YORK, NY
Norman Paul Weiss
516-351-1414
595 STEWART AVE
GARDEN CITY, 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.


About the Author:

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

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