Bankruptcy Counseling Great Neck 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 Great Neck.

Local Companies

Michael Jay Lang
686 BROADWAY
MASSAPEQUA, NY
Michael James Edelman
212-407-6970
1633 BROADWAY
NEW YORK, NY
Stephanie Kupferman
212-583-0500
595 STEWART AVE
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Thomas Myles Sweeney
300 E 42ND ST
NEW YORK, NY
Robert E. Wood
212-574-1244
156 W 56TH ST
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212-808-7720
101 Park Ave
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Robert Matteson Simels
212-369-3900
595 STEWART AVE
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212-751-4300
60 E 42ND ST FL 37
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Sheron Korpus
212-506-1969
1633 BROADWAY
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Peter Eli Bronstein
212-956-8300
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.


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

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