Bankruptcy Counseling Olean 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 Olean.

Local Companies

John H. Heyer
(716) 372-0395
604 Exchange National Bank Building, P.O. Box 588
Olean, NY
Di Cerbo & Palumbo
(716) 373-2165
410 Community Bank
Olean, NY
Murrin R E Atty
(716) 372-6600

Olean, NY
Peacemaker Mediation
(716) 372-5254
237 Delaware Ave
Olean, NY
Saglimben Michael J
(716) 372-4450
235 N Union St
Olean, NY
Jay David Carr
716-372-4450
Carr Saglimben Et Al, 235 N Union Street
Olean, NY
Total Bankruptcy has a participating attorney in SALAMANCA
(866) 525-2557
136 Wilson St
SALAMANCA, NY
Vahl Carl Robert
(716) 373-3264
2149 Windfall Rd
Olean, NY
Dwyer Black & Lyle Llp
(716) 373-1920
1616 W State St
Olean, NY
Delaware Executive Suites
(716) 372-5254
237 Delaware Ave
Olean, 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
- Credit Card Debt Olean NY
If you have gotten over your head in credit card debt you are not alone. According to the FTC, there are four basic methods you can use to assist you with this: Credit Counseling, Debt Management Programs, Debt Consolidation, or Bankruptcy. While bankruptcy should only be considered only as a last choice, let’s review the first three programs that may be of significant help to you if you are in debt.
- Credit Counseling for Debts Olean NY
- Credit Counseling Olean NY
- Involuntary Bankruptcy Olean NY
- Choosing a Credit Counseling Service Olean NY
- Bankruptcy Myths Olean NY
- Debt Settlement Companies Olean NY
- Consumer Bankruptcy Olean NY
- Credit Repair Self Help Olean NY
- How to Get Credit After Bankruptcy Olean NY