Bankruptcy Counseling Ozone Park 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 Ozone Park.

Local Companies

Glenn R Reiser
201-498-0400
55 HUDSON ST
HACKENSACK, NJ
John Robert Hempill
212-468-8082
1290 Avenue Of The Americas
New York, NY
Sabrina Carmen Fernandez
516-222-1350
595 STEWART AVE
GARDEN CITY, NY
Steven Mark Abramowitz
212-237-0137
666 5TH AVE
NEW YORK, NY
Robert Mitchell Sasloff
212-203-4053
1345 AVENUE OF THE AMERICAS
NEW YORK, NY
Paul James Brodnicki
212-259-6366
1301 AVENUE OF THE AMERICAS
NEW YORK, NY
Robert Dobrish
212-532-4000
595 STEWART AVE
GARDEN CITY, NY
Michael Joseph Hurley
300 E 42ND ST
NEW YORK, NY
Peter Morgenstern
885 3RD AVE STE 3040
NEW YORK, NY
Rickie Markus Sonpal
212-833-1144
1633 Broadway Fl 46th
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.


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Article Source: http://www.articlesbase.com/personal-finance-articles/bankruptcy-counseling-920523.html

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