Bankruptcy Counseling Commack 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 Commack.

Local Companies

Mark Steven Gamell
516-240-8915
100 JERICHO QUADRANGLE STE 309
JERICHO, NY
Randi Beth Gilbert
516-535-1700
11 HILLSIDE AVE
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Robin S. Abramowitz
631-761-0870
225 OLD COUNTRY RD
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Stuart Lee Druckman
516-876-0800
242 DREXEL AVE
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Benjamin Davis Lentz
516-240-8926
100 JERICHO QUADRANGLE STE 309
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Alan Scott Trust
617-557-3030
290 Federal Plaza
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Richard John Mccord
516-296-7000
90 MERRICK AVE
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Debra M. Genetin
11 HILLSIDE AVE
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Parshhueram T. Misir
516-248-9880
170 OLD COUNTRY RD STE 608
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Melvyn Lewis Jacoby
631-289-4600
1737 N OCEAN AVE
MEDFORD, 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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