Bankruptcy Counseling Centereach 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 Centereach.

Local Companies

Jeremy Rosner Root
1 HUNTINGTON QUADRANGLE STE 3C06
MELVILLE, NY
Michael John Macco
631-479-2869
135 PINELAWN RD STE 120S
MELVILLE, NY
Mitchell Lee Pashkin
25 HARRIET LN
HUNTINGTON, NY
Melvyn Lewis Jacoby
631-289-4600
1737 N OCEAN AVE
MEDFORD, NY
Edward M. Teitelbaum
201-291-8660
225 OLD COUNTRY RD
MELVILLE, NY
Robbie L. Vaughn, Esq.
631-780-4758
70 West Main Street
East Islip, NY
Richard Leigh Stern
631-479-2869
135 PINELAWN RD STE 120S
MELVILLE, NY
Mary E. Mongioi
425 BROADHOLLOW RD STE 315
MELVILLE, NY
Peter Thanh Nguyen
20 DEWEY ST
HUNTINGTON, NY
Peter Bryan Katzman
425 BROADHOLLOW RD STE 315
MELVILLE, 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 Centereach 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.
- Choosing a Credit Counseling Service Centereach NY
- Credit Repair Self Help Centereach NY
- Bankruptcy Myths Centereach NY
- Involuntary Bankruptcy Centereach NY
- Consumer Bankruptcy Centereach NY
- Credit Card Debt Centereach NY
- Credit Counseling Centereach NY
- How to Get Credit After Bankruptcy Centereach NY
- Debt Settlement Companies Centereach NY