Bankruptcy Counseling Brooklyn 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 Brooklyn.

Local Companies

John B. Mcdonald Jr.
212-608-1911
161 WILLIAM ST FL 19
NEW YORK, NY
Pamela Leach Lewis
914-328-1500
595 STEWART AVE
GARDEN CITY, NY
John Chul Kim
111 LIVINGSTON ST STE 1110
BROOKLYN, NY
Leressa Crockett
973-378-8882
76 South Orange Ave, Suite 103
South Orange, NJ
Nancy A Washington
973-622-3349
1 GATEWAY CTR
NEWARK, NJ
Jessica Leigh Fainman
900 3RD AVE FL 36
NEW YORK, NY
James Philip Gadsden
212-238-8607
2 Wall St
New York, NY
Rosalind Fahey Kruse
212-728-8632
787 7th Ave
New York, NY
Cary Richard Sternback
26 COURT ST
BROOKLYN, NY
Lester Eric Greenman
500 5TH AVE
NEW YORK, NY
Data Provided by:
  

Provided By:

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

Related Articles
- Credit Counseling for Debts Brooklyn NY
There are many companies and even banks that offer credit counseling. It is nothing but a form of debt consolidation that is available to anyone. Credit counseling is a much better alternative than filing for a bankruptcy. In consumer credit counseling, plans and budgets are prepared that are to be followed to slowly clear off all the debts.
- Debt Settlement Companies Brooklyn NY
- Credit Card Debt Brooklyn NY
- Consumer Bankruptcy Brooklyn NY
- Credit Repair Self Help Brooklyn NY
- Choosing a Credit Counseling Service Brooklyn NY
- Credit Counseling Brooklyn NY
- Involuntary Bankruptcy Brooklyn NY
- How to Get Credit After Bankruptcy Brooklyn NY
- Bankruptcy Myths Brooklyn NY