Bankruptcy Counseling Jamestown 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 Jamestown.

Local Companies

Stefan Coleman, New Jersey Bankruptcy Attorney
(732) 734-5889
1072 Madison Avenue, Suite 1
Lakewood, NY
Bailey Arthur N & Associates
(716) 664-2967
Furniture Mart
Jamestown, NY
Price Flowers Malin & Westerberg
(716) 664-5210
400 Key Bank
Jamestown, NY
Goodell Andrew W Atty
(716) 664-4705
617 Washington St
Jamestown, NY
Duncanson William F Jr Atty
(716) 661-3410
111 W 2nd St
Jamestown, NY
Scott F. Humble
315 2ND AVE STE 415
Bruce S. Scolton
(716) 488-1178
414 East Fairmount Avenue (Lakewood), P.O. Box 414
Jamestown, NY
Stapleton David R
(716) 483-3017
306 Spring St
Jamestown, NY
Barone Nathaniel L Attorney
(716) 665-6992
111 W 2nd St
Jamestown, NY
Spoto Slater & Sirwatka
(716) 487-1142
110 W 3rd St Ste 112
Jamestown, 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!

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