Bankruptcy Counseling Nanuet 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 Nanuet.

Local Companies

Ilissa Churgin Hook
201-525-6293
25 MAIN STREET PO BOX 800
HACKENSACK, NJ
Dolores Clarizio Knuckles
201-488-5400
14 WASHINGTON PL
HACKENSACK, NJ
Kimberly J Salomon
201-845-1000
80 Route 4 E Ste 290
Paramus, NJ
Maureen Winifred Shea
45 KNOLLWOOD RD KNOLLWOOD TOWERS
ELMSFORD, NY
Helen Davis Chaitman
201-487-3700
COURT PLAZA NORTH 25 MAIN ST FL 6
HACKENSACK, NJ
Julie Anna Cvek
212-677-6900
45 KNOLLWOOD RD KNOLLWOOD TOWERS
ELMSFORD, NY
Leonel V Leyva
201-563-8930
25 MAIN STREET PO BOX 800
HACKENSACK, NJ
Robert H Johnson
201-845-1000
80 E STATE RT 4 THE ATRIUM
PARAMUS, NJ
Jill Sunjung Park
201-242-9666
530 MAIN ST STE 4
FORT LEE, NJ
Robert S. Lewis
845-358-7100
53 BURD ST
NYACK, 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