Bankruptcy Counseling Port Washington 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 Port Washington.

Local Companies

Jason Metula
1675 BROADWAY
NEW YORK, NY
Thomas John Weber
212-259-8188
200 PARK AVE
NEW YORK, NY
Fred Brian Ringel
212-203-4053
1345 AVENUE OF THE AMERICAS
NEW YORK, NY
Barbara Burger
212-371-8787
595 STEWART AVE
GARDEN CITY, NY
Brian D. Hail
212-459-7251
153 E 53RD ST RM 4900
NEW YORK, NY
Jeffrey A. Trimarchi
212-326-2259
7 TIMES SQ
NEW YORK, NY
James P. Laughlin
488 MADISON AVE
NEW YORK, NY
Miriam R. Milgrom
516-222-6200
100 GARDEN CITY PLZ 100 GARDEN CITY PLAZA
GARDEN CITY, NY
Yoram Jerry Cohen
420 LEXINGTON AVE RM 2400
NEW YORK, NY
Mark David Mensher
516-877-1800
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
- Credit Counseling for Debts Port Washington NY
There are many companies and even banks that offer credit counseling. It is nothing but a form of debt consolidation that is available to anyone. Credit counseling is a much better alternative than filing for a bankruptcy. In consumer credit counseling, plans and budgets are prepared that are to be followed to slowly clear off all the debts.
- Bankruptcy Myths Port Washington NY
- Involuntary Bankruptcy Port Washington NY
- Credit Card Debt Port Washington NY
- Debt Settlement Companies Port Washington NY
- Consumer Bankruptcy Port Washington NY
- Credit Repair Self Help Port Washington NY
- How to Get Credit After Bankruptcy Port Washington NY
- Credit Counseling Port Washington NY
- Choosing a Credit Counseling Service Port Washington NY