Bankruptcy Counseling New Rochelle 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 Rochelle.

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Rachel Ann Morrissey
45 KNOLLWOOD RD KNOLLWOOD TOWERS
ELMSFORD, NY
Deborah E. Lans
212-980-3445
595 STEWART AVE
GARDEN CITY, NY
Jeffrey A. Fuisz
425 PARK AVE
NEW YORK, NY
Yunxia Yin
212-558-4000
125 BROAD ST
NEW YORK, NY
David N. Slarskey
212-336-7615
1633 BROADWAY
NEW YORK, NY
Brian P. Schechter
1001 FRANKLIN AVE
GARDEN CITY, NY
Judith Elkin
212-659-4968
1221 Avenue of The Americas
New York, NY
Michael Craig Harwood
212-506-1709
1633 BROADWAY
NEW YORK, NY
Andrew Glenn Blau
212-701-3316
Eighty Pine Street
New York, NY
Richard S. Jaffe
516-3586900
2001 MARCUS AVE TRIAD #1
NEW HYDE PARK, 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.


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Article Source: http://www.articlesbase.com/personal-finance-articles/bankruptcy-counseling-920523.html

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