Bankruptcy Counseling Nyack 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 Nyack.

Local Companies

Richard A Joel
201-599-0588
496 Kinderkamack Rd
Oradell, NJ
Ilyssa R. Alter Esq
45 KNOLLWOOD RD KNOLLWOOD TOWERS
ELMSFORD, NY
Elias Nicholas Sakalis
430 West 259th Street
Riverdale, NY
Debora Zelenetz
914-777-1170
933 Mamaroneck Avenue, Suite 204
Mamaroneck, NY
Total Bankruptcy has a participating attorney in BRONX
(866) 525-2557
633 Lydig Avenue
BRONX, NY
David L Stevens
866-930-2075
1599 Hamburg Tnpk
Wayne, NJ
Mitchell Jeffrey Canter
845-371-7500
300 AIRPORT EXECUTIVE PARK
NANUET, NY
Daniel Mark Weisberg
664 CHESTNUT RIDGE RD
SPRING VALLEY, NY
Robert S. Lewis
845-358-7100
53 BURD ST
NYACK, NY
Howard Martin Gurock
2 PERLMAN DR
SPRING VALLEY, 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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