Bankruptcy Counseling Merrick 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 Merrick.

Local Companies

John A. Vassallo
212-935-5500
595 STEWART AVE
GARDEN CITY, NY
Mark Steven Gamell
516-240-8915
100 JERICHO QUADRANGLE STE 309
JERICHO, NY
Lynne S Hilowitz
914-638-1550
595 STEWART AVE
GARDEN CITY, NY
Barbara Burger
212-371-8787
595 STEWART AVE
GARDEN CITY, NY
Randy J. Schaefer
100 JERICHO QUADRANGLE STE 300
JERICHO, NY
Stephen Justin Ginsberg
516-873-2000
9 Soundview Marketplace
Port Washington, NY
Allan Botter
516-328-0600
595 STEWART AVE
GARDEN CITY, NY
Sharon Blau
212-703-5400
595 STEWART AVE
GARDEN CITY, NY
Paul A Vance
716-854-4474
595 STEWART AVE
GARDEN CITY, NY
Peter K. Nardone
914-472-2300
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.


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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