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

R. William Stephens
410 MAIN ST STE 3
BUFFALO, NY
David Colin Schopp
237 MAIN ST STE 1602
BUFFALO, NY
Julia Schlotthauer Kreher
716-848-1330
140 PEARL ST STE 100
BUFFALO, NY
Carolyn Rebecca Ruis Hoffmann
716-847-7006
1 HSBC CTR STE 1
BUFFALO, NY
Garry M. Graber
716-848-1273
140 PEARL ST STE 100
BUFFALO, NY
Jennifer Marie Catherine
716-856-5500
298 MAIN STREET 298 MAIN ST STE 1000
BUFFALO, NY
Andrea Schillaci
716-849-8900
424 MAIN ST RM 1300
BUFFALO, NY
Christopher Andrew Cardillo
716-856-5500
298 MAIN STREET 298 MAIN ST STE 1000
BUFFALO, NY
Jeffrey Alan Carlino
716-566-5405
665 Main St Ste 400
Buffalo, NY
R. Hugh Stephens
410 MAIN ST STE 3
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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