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

Sarah Layfield Reid
212-808-7720
101 Park Ave
New York, NY
Margaret A. Clark
914-669-5896
595 STEWART AVE
GARDEN CITY, NY
Steven Henry Rittmaster
516-240-8900
100 JERICHO QUADRANGLE STE 309
JERICHO, NY
Matthew J. Williams
212-715-7713
1177 AVENUE OF THE AMERICAS
NEW YORK, NY
Denis J. Timone
914-669-0900
595 STEWART AVE
GARDEN CITY, NY
Benjamin Anthony Tisdell
450 LEXINGTON AVE
NEW YORK, NY
Michael Lewis Cook
900 3RD AVE FL 36
NEW YORK, NY
A. Mitchell Greene
212-203-4053
1345 AVENUE OF THE AMERICAS
NEW YORK, NY
Richard Baumfield
450 LEXINGTON AVE
NEW YORK, NY
John Gemelli
718-261-2323
595 STEWART AVE
GARDEN CITY, 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
- Debt Settlement Companies Oceanside NY
Debt settlement services are provided by third party debt resolution companies who set up payment plans, and then by means of debt negotiations with a creditor achieve a certain settlement amount to be paid by a customer.
- Credit Counseling Oceanside NY
- Credit Counseling for Debts Oceanside NY
- Consumer Bankruptcy Oceanside NY
- How to Get Credit After Bankruptcy Oceanside NY
- Involuntary Bankruptcy Oceanside NY
- Credit Card Debt Oceanside NY
- Credit Repair Self Help Oceanside NY
- Bankruptcy Myths Oceanside NY
- Choosing a Credit Counseling Service Oceanside NY