Bankruptcy Counseling Oceanside 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 Oceanside.

Local Companies

Eric F. Davis
212-909-6864
919 3RD AVE
NEW YORK, NY
Stanley Messinger
914-682-8444
595 STEWART AVE
GARDEN CITY, NY
Kelly Lynn Donovan
716-546-3065
595 STEWART AVE
GARDEN CITY, NY
Heather Hillman
212-909-6522
919 3RD AVE
NEW YORK, NY
Bruce David Mael
100 GARDEN CITY PLZ 100 GARDEN CITY PLAZA
GARDEN CITY, NY
John G Mccarthy
212-907-9703
250 PARK AVE STE 1900
NEW YORK, NY
Richard A. Hedge
212-558-4000
125 BROAD ST
NEW YORK, NY
Afsheen Shah
516-393-2590
111 GREAT NECK RD STE 503
GREAT NECK, NY
Gerard Diconza
630 3RD AVE
NEW YORK, NY
Walter Benzija
555 MADISON AVE
NEW YORK, NY
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
- Involuntary Bankruptcy Oceanside NY
There are mainly two reasons why people opt to go to court to file a financial bankruptcy petition. Some find themselves doing this out of the poor spending habits that they have been developed over the years. While for others, bad luck just catches up with them.
- How to Get Credit After Bankruptcy Oceanside NY
- Consumer Bankruptcy Oceanside NY
- Debt Settlement Companies Oceanside NY
- Bankruptcy Myths Oceanside NY
- Credit Card Debt Oceanside NY
- Credit Counseling for Debts Oceanside NY
- Credit Repair Self Help Oceanside NY
- Choosing a Credit Counseling Service Oceanside NY
- Credit Counseling Oceanside NY