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

Abe H. Konstam
212-964-7990
595 STEWART AVE
GARDEN CITY, NY
Jane Bevans
212-699-4597
595 STEWART AVE
GARDEN CITY, NY
J. J. Borer
718-596-2605
595 STEWART AVE
GARDEN CITY, NY
Mark David Mensher
516-877-1800
595 STEWART AVE
GARDEN CITY, NY
Megan Woolley
516-221-4894
595 STEWART AVE
GARDEN CITY, NY
Vincent F. Stempel
595 STEWART AVE
GARDEN CITY, NY
Stuart P. Gelberg
600 OLD COUNTRY RD EURO AM BANK BLDG
GARDEN CITY, NY
Andrew Martin Thaler
516-228-3553
90 Merrick Ave Ste 400
East Meadow, NY
Debra M. Genetin
11 HILLSIDE AVE
WILLISTON PARK, NY
Michelle Benoit
518-432-1245
595 STEWART AVE
GARDEN CITY, 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
- Consumer Bankruptcy Merrick NY
It is important for anyone who is going through some form of financial hardships to be informed of some of the changes in the financial distress petition. This is especially important if you are considering going to court over the same.
- Bankruptcy Myths Merrick NY
- Credit Counseling for Debts Merrick NY
- Involuntary Bankruptcy Merrick NY
- Debt Settlement Companies Merrick NY
- Credit Repair Self Help Merrick NY
- Choosing a Credit Counseling Service Merrick NY
- How to Get Credit After Bankruptcy Merrick NY
- Credit Card Debt Merrick NY
- Credit Counseling Merrick NY