Bankruptcy Counseling North Tonawanda 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 North Tonawanda.

Local Companies

William E Lawson
43 COURT STREET 43 COURT ST STE 730
BUFFALO, NY
Timothy P. Johnson
424 MAIN ST RM 1300
BUFFALO, NY
Mark John Schlant
298 MAIN ST CATHEDRAL PLACE
BUFFALO, NY
Christopher Andrew Cardillo
716-856-5500
298 MAIN STREET 298 MAIN ST STE 1000
BUFFALO, NY
Katherine L. Hesch
716-504-5724
1 HSBC CTR STE 1
BUFFALO, NY
Bernard Schenkler
716-844-7075
200 Delaware Avenue, 1200
Buffalo, NY
Daniel Joseph Hartman
403 MAIN ST BRISBANE BLDG
BUFFALO, NY
Cheryl R. Storie
140 PEARL ST STE 100
BUFFALO, NY
Robert J. Feldman
465 MAIN ST STE 600
BUFFALO, NY
Carolyn Rebecca Ruis Hoffmann
716-847-7006
1 HSBC CTR STE 1
BUFFALO, 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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