Bankruptcy Counseling Elmira 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 Elmira.

Local Companies

Stewart E. McDivitt
115 Ayers
Montour Falls, NY
Charles Edward Andersen
607-738-6294
200 WILLIAM ST STE 204A
ELMIRA, NY
Davidson & O'mara PC
(607) 733-4635
243 Lake St
Elmira, NY
Navone Joshua C
(607) 737-1944
463 W Church St
Elmira, NY
Reilly Thomas E
(607) 734-1519
449 E Water St
Elmira, NY
Matthew Patrick Hughson
303 WILLIAM ST
ELMIRA, NY
Mark Alan Weiermiller
303 WILLIAM ST
ELMIRA, NY
Christopher Denton
(607) 734-0661
311 Lake Street
Elmira, NY
Schott George E Atty
(607) 732-6319
113 Underwood Ave
Elmira, NY
Defilippo Law Firm Pllc
(607) 734-8175
250 E Water St
Elmira, 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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