Bankruptcy Counseling Clifton Park 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 Clifton Park.

Local Companies

Daniel J. Tyson
10 RAILROAD PL
SARATOGA SPRINGS, NY
Martin W. Pozefsky
25 WALTON ST
SARATOGA SPRINGS, NY
Francis Joseph Brennan
39 N PEARL ST STE 4
ALBANY, NY
Pilar Andrea Cano
518-436-0344
224 Harmony Mills Lofts
Cohoes, NY
Total Bankruptcy has a participating attorney in ALBANY
(866) 525-2557
409 New Karner Road
ALBANY, NY
Jay Robeson
4193 STATE HIGHWAY 30
AMSTERDAM, NY
Albert J. Millus
No street address
Albany, NY
Kevin Laurilliard
518-447-3392
1532 ROUTE 9
CLIFTON PARK, NY
Paul Arthur Levine
10 RAILROAD PL
SARATOGA SPRINGS, NY
Michael Joel Balanoff
315-701-6366
194 WASHINGTON AVE STE 315
ALBANY, 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
- How to Get Credit After Bankruptcy Clifton Park NY
The question that bothers many people after they have been declared bankrupt is whether anyone will ever trust them with their goods and services. It is possible to obtain credit after bankruptcy and gain the confidence of former as well as potential creditors by following a few simple steps.
- Credit Card Debt Clifton Park NY
- Credit Counseling Clifton Park NY
- Involuntary Bankruptcy Clifton Park NY
- Bankruptcy Myths Clifton Park NY
- Debt Settlement Companies Clifton Park NY
- Credit Repair Self Help Clifton Park NY
- Consumer Bankruptcy Clifton Park NY
- Choosing a Credit Counseling Service Clifton Park NY
- Credit Counseling for Debts Clifton Park NY