Bankruptcy Counseling Glens Falls 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 Glens Falls.

Local Companies

Frank J. Lasch
518-581-3200
47 W HARRISON ST
SARATOGA SPRINGS, NY
Scott R. Almas
10 RAILROAD PL
SARATOGA SPRINGS, NY
Paul Arthur Levine
10 RAILROAD PL
SARATOGA SPRINGS, NY
Gretchen Mary Greisler
10 RAILROAD PL
SARATOGA SPRINGS, NY
Stephanie Anne Henry
79 WASHINGTON ST
SARATOGA SPRINGS, NY
Daniel J. Tyson
10 RAILROAD PL
SARATOGA SPRINGS, NY
Martin W. Pozefsky
25 WALTON ST
SARATOGA SPRINGS, NY
James Everett D. Doern
100 WEST AVE
SARATOGA SPRINGS, NY
Daniel James Hogan
288 GLEN ST
GLENS FALLS, NY
Mark Allen Lebowitz
518-792-2117
1 WASHINGTON ST PO BOX 2168
GLENS FALLS, 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

Related Articles
- Choosing a Credit Counseling Service Glens Falls NY
Going for a consumer credit counseling service is the best option for a person if he wants to repair his financial condition and wants to save enough money so that he can repay his debt installments without affecting his monthly expenditure. These credit counseling services teach people about how to manage their debts and how to spend money in repaying them. Different strategies should be used for repaying different types of debts and hence all this is taught in this kind of service.
- Involuntary Bankruptcy Glens Falls NY
- Bankruptcy Myths Glens Falls NY
- Debt Settlement Companies Glens Falls NY
- Credit Repair Self Help Glens Falls NY
- How to Get Credit After Bankruptcy Glens Falls NY
- Consumer Bankruptcy Glens Falls NY
- Credit Counseling for Debts Glens Falls NY
- Credit Counseling Glens Falls NY
- Credit Card Debt Glens Falls NY