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

Roger C Bernhammer
201-457-9200
155 POLIFLY RD STE 200
HACKENSACK, NJ
Linda Marie Tirelli
203-653-2203
1100 Summer Street 3rd Floor
Stamford, CT
Allen Susser
201-845-9600
1 PARK 80 PLZ W STE (Range 6A - 6B)
SADDLE BROOK, NJ
Ilana Volkov
201-678-6269
25 MAIN STREET PO BOX 800
HACKENSACK, NJ
Total Bankruptcy has a participating attorney in White Plains
(866) 525-2557
One Water Street
White Plains, NY
Miguel Angel Crespo
14 OXFORD RD
WYKAGYL, NY
Michael Hal Schwartz
1 WATER ST
WHITE PLAINS, NY
Maureen Winifred Shea
45 KNOLLWOOD RD KNOLLWOOD TOWERS
ELMSFORD, NY
Gerald H Gline
201-678-6240
25 MAIN STREET PO BOX 800
HACKENSACK, NJ
Wendy Beth Green
201-845-1000
80 Route 4 E Ste 290
Paramus, NJ
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
- Consumer Bankruptcy Nyack NY
It is important for anyone who is going through some form of financial hardships to be informed of some of the changes in the financial distress petition. This is especially important if you are considering going to court over the same.
- How to Get Credit After Bankruptcy Nyack NY
- Choosing a Credit Counseling Service Nyack NY
- Bankruptcy Myths Nyack NY
- Credit Card Debt Nyack NY
- Credit Counseling Nyack NY
- Credit Repair Self Help Nyack NY
- Credit Counseling for Debts Nyack NY
- Involuntary Bankruptcy Nyack NY
- Debt Settlement Companies Nyack NY