Bankruptcy Counseling Camillus 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 Camillus.

Local Companies

Louis Levine
217 S SALINA ST ONONDAGA PLAZA
SYRACUSE, NY
David Shockey
315-214-2016
1 LINCOLN CTR
SYRACUSE, NY
Kevin Michael Newman
308 MALTBIE ST STE 200
SYRACUSE, NY
Jeffrey Austin Dove
308 MALTBIE ST STE 200
SYRACUSE, NY
Eric W. Sherwood
315-473-9985
307 S CLINTON ST STE 200
SYRACUSE, NY
Edward J. Moses
315-233-8207
101 S SALINA ST STE 600
SYRACUSE, NY
Wayne R. Bodow
1925 PARK ST
SYRACUSE, NY
Mary Lannon Fangio
247 W FAYETTE ST HOGAN BUILDING
SYRACUSE, NY
Laura M. Harris
4199 E GENESEE ST
SYRACUSE, NY
Neil J. Smith
315-233-8226
101 S SALINA ST STE 600
SYRACUSE, 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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