Bankruptcy Counseling Monsey 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 Monsey.

Local Companies

Robert H Johnson
201-845-1000
80 E STATE RT 4 THE ATRIUM
PARAMUS, NJ
Mitchell Jeffrey Canter
845-371-7500
300 AIRPORT EXECUTIVE PARK
NANUET, NY
Dale Robyn Siegel Esq.
914-422-0810
5 WALLER AVE STE 303
WHITE PLAINS, NY
Felice R Yudkin
201-678-6261
25 MAIN STREET PO BOX 800
HACKENSACK, NJ
Gary Michael Sarno
201-487-0200
32 MERCER ST
HACKENSACK, NJ
Joseph John Reilly
866-930-2075
1510 HAMBURG TPKE
WAYNE, NJ
Jarrid H Kantor
201-488-3900
411 HACKENSACK AVE CONTINENTAL PLAZA
HACKENSACK, NJ
Kenneth John Murphy
121 SMITH AVE
MOUNT KISCO, NY
Olav Antonie Haazen
914-749-8386
333 MAIN ST
ARMONK, NY
Harry Joseph Nicolay
1 N LEXINGTON AVE
WHITE PLAINS, 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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