Bankruptcy Counseling Copiague 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 Copiague.

Local Companies

Brandi Pamela Klineberg
516-873-2000
400 GARDEN CITY PLZ 400 GARDEN CITY PLAZA
GARDEN CITY, NY
Michael Freeman
212-889-3900
595 STEWART AVE
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Joseph Litz
518-372-3329
595 STEWART AVE
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Georgia Amanda Mallan
212-554-7839
10 CUTTERMILL RD STE 201
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Debra Lobello Burhans
716-344-1087
595 STEWART AVE
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Jennifer L Coden
516-222-0007
595 STEWART AVE
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Howard Edward Knispel
631-864-7589
354 Veterans Hwy.
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Glenn Koopersmith
516-873-1000
595 STEWART AVE
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Kenneth Koopersmith
516-354-0800
595 STEWART AVE
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Denis J. Timone
914-669-0900
595 STEWART AVE
GARDEN CITY, 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.


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!

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