Bankruptcy Counseling Flushing 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 Flushing.

Local Companies

Mark Zeichner
212-826-5301
575 LEXINGTON AVE
NEW YORK, NY
Gerald I. Adler
212-833-1118
1633 Broadway
New York, NY
Paul A. Dejesse
631-587-5100
595 STEWART AVE
GARDEN CITY, NY
James Barclay Roberts
212-770-7876
70 Pine St Fl 10th
New York, NY
Randall Reese Rainer
500 5TH AVE
NEW YORK, NY
Scott Ethan Bowers
212-909-6409
919 3RD AVE
NEW YORK, NY
Jon Yard Arnason
292 MADISON AVE FL 17
NEW YORK, NY
Mary Louise Johnson
212-332-3525
TWENTY-FOURTH Floor 30 Rockefeller Plaza
New York, NY
James Lamont Stengel
212-506-3775
666 5TH AVE
NEW YORK, NY
Brian Matthew Resnick
450 LEXINGTON AVE
NEW YORK, 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!

Article Source: http://www.articlesbase.com/personal-finance-articles/bankruptcy-counseling-920523.html

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