Bankruptcy Counseling Auburn 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 Auburn.

Local Companies

Robert E. Barry
(315) 253-0326
110 Genesee Street, Suite 300
Auburn, NY
Williams Heinl Moody & Buschman PC
(315) 252-6955
11 Court St
Auburn, NY
Pesarchick Stephen G
(315) 252-8551
125 Genesee Gdns
Auburn, NY
Boyle & Anderson PC
(315) 253-0326
110 Genesee St Ste 300
Auburn, NY
Camardo Joseph A
(315) 252-3846
127 Genesee St
Auburn, NY
David K. Ettman
115 FALL ST
SENECA FALLS, NY
Ross M. Tisci
(315) 253-0326
110 Genesee Street, Suite 300
Auburn, NY
Vickers David
(315) 255-2911
265 Genesee St
Auburn, NY
Shamon & Shamon Attys At Law
(315) 252-7536
33 William St Ste 3
Auburn, NY
Fusco Andrew S PC
(315) 253-5555
52 South St
Auburn, 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:

Peter Gitundu Creates Interesting And Thought Provoking Content on Finance. For More Information On How To Deal With Bankruptcy, Read More Of His Articles Here DEALING WITH BANKRUPTCY If You Enjoyed This Article, Make Sure You SUBSCRIBE TO MY RSS FEED!

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

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