Bankruptcy Counseling Lancaster 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 Lancaster.

Local Companies

Beth Ann Bivona
716-858-3849
200 Delaware Ave Ste 1200, Avant Bldg
Buffalo, NY
William E Lawson
43 COURT STREET 43 COURT ST STE 730
BUFFALO, NY
Jeffrey Alan Carlino
716-566-5405
665 Main St Ste 400
Buffalo, NY
Dennis Charles Gaughan
6161 S PARK AVE
HAMBURG, NY
Seth Jeremy Andrews
12 FOUNTAIN PLZ FLEET BANK BLDG
BUFFALO, NY
Anne Melzer
(716) 270-2420
300 Pearl Street, Suite 460
Buffalo, NY
Robert Alan Goldstein
170 FRANKLIN ST STE 800
BUFFALO, NY
Joseph Waldo Allen
12 FOUNTAIN PLZ FLEET BANK BLDG
BUFFALO, NY
Barbara J R Ridall
403 MAIN ST BRISBANE BLDG
BUFFALO, NY
Franklin William Heller
716-856-5500
298 MAIN STREET 298 MAIN ST STE 1000
BUFFALO, 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
- Involuntary Bankruptcy Lancaster NY
There are mainly two reasons why people opt to go to court to file a financial bankruptcy petition. Some find themselves doing this out of the poor spending habits that they have been developed over the years. While for others, bad luck just catches up with them.
- Bankruptcy Myths Lancaster NY
- Credit Counseling Lancaster NY
- How to Get Credit After Bankruptcy Lancaster NY
- Consumer Bankruptcy Lancaster NY
- Debt Settlement Companies Lancaster NY
- Choosing a Credit Counseling Service Lancaster NY
- Credit Counseling for Debts Lancaster NY
- Credit Repair Self Help Lancaster NY
- Credit Card Debt Lancaster NY