Bankruptcy Counseling Cortlandt Manor 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 Cortlandt Manor.

Local Companies

Rosemarie E. Matera
201-368-0807
2 PERLMAN DR
SPRING VALLEY, NY
Gene L. Grobstein
845-562-2990
10 LITTLE BRITAIN RD
NEWBURGH, NY
Harold J. Johnson
914-368-7273
1 N BROADWAY WHITE PLAINS PLAZA
WHITE PLAINS, NY
Joseph Louis Genzano
22 SAW MILL RIVER RD
HAWTHORNE, NY
Rita K. Gilbert
45 KNOLLWOOD RD KNOLLWOOD TOWERS
ELMSFORD, NY
Stacey O. Walker
664 CHESTNUT RIDGE RD
SPRING VALLEY, NY
Mitchell Jeffrey Canter
845-371-7500
300 AIRPORT EXECUTIVE PARK
NANUET, NY
Dale Robyn Siegel Esq.
914-422-0810
5 WALLER AVE STE 303
WHITE PLAINS, NY
Philip M. Halpern
1 N LEXINGTON AVE
WHITE PLAINS, NY
Gary Peter Bogosian
64 GLENEIDA AVE
CARMEL, 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