Bankruptcy Counseling Oakland Gardens 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 Oakland Gardens.

Local Companies

Douglas Joseph Bilotti
400 GARDEN CITY PLZ STE 202
GARDEN CITY, NY
Paul A Vance
716-854-4474
595 STEWART AVE
GARDEN CITY, NY
Michael Sean Amato
516-663-6517
East Tower 15th Floor
Uniondale, NY
Anne J. Penachio
914-961-6003
500 5TH AVE STE 1150
NEW YORK, NY
Martin Friedlander
212-697-3250
595 STEWART AVE
GARDEN CITY, NY
Jeffrey Richard Gleit
212-506-1791
1633 BROADWAY
NEW YORK, NY
Kabrina Kau
212-909-6556
919 3RD AVE
NEW YORK, NY
Jonathan Edward Tenbrink
973-589-3535
126 Jackson Street
Newark, NJ
James Barclay Roberts
212-770-7876
70 Pine St Fl 10th
New York, NY
Richard Stern
212-370-6000
335 Madison Ave, 24th Floor
New York, 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.


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!

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