Bankruptcy Counseling New Hyde Park 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 New Hyde Park.

Local Companies

Barbara Jeane Graves
1633 BROADWAY
NEW YORK, NY
Michael G. Sileo
516-873-1300
595 STEWART AVE
GARDEN CITY, NY
Benjamin Hoch
212-841-1029
620 8th Ave
New York, NY
Frederic Rosenberg
7 TIMES SQ
NEW YORK, NY
John Charles Dockery
212-909-6020
919 3RD AVE
NEW YORK, NY
Vivian Yin Mei Wong
450 LEXINGTON AVE
NEW YORK, NY
Lori Ellen Weiss
212-849 7261
900 3RD AVE FL 36
NEW YORK, NY
Nancy D. Kellman
595 STEWART AVE
GARDEN CITY, NY
Michael John Healy
516-227-0606
Farrell Fritz Pc, Eab Plaza
Uniondale, NY
Robert S. Friedman
212-808-7853
101 Park Ave
New York, 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
- How to Get Credit After Bankruptcy New Hyde Park NY
The question that bothers many people after they have been declared bankrupt is whether anyone will ever trust them with their goods and services. It is possible to obtain credit after bankruptcy and gain the confidence of former as well as potential creditors by following a few simple steps.
- Credit Repair Self Help New Hyde Park NY
- Credit Counseling for Debts New Hyde Park NY
- Involuntary Bankruptcy New Hyde Park NY
- Choosing a Credit Counseling Service New Hyde Park NY
- Credit Counseling New Hyde Park NY
- Bankruptcy Myths New Hyde Park NY
- Debt Settlement Companies New Hyde Park NY
- Consumer Bankruptcy New Hyde Park NY
- Credit Card Debt New Hyde Park NY