Bankruptcy Counseling Saint James 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 Saint James.

Local Companies

Alan Scott Trust
617-557-3030
290 Federal Plaza
Central Islip, NY
Robert Henry Tucker
330 VANDERBILT MOTOR PKWY STE 400
HAUPPAUGE, NY
Joseph Allan Solow
330 VANDERBILT MOTOR PKWY STE 400
HAUPPAUGE, NY
John A. Reno
150 SUNRISE HWY MFG HANOVER BLDG
LINDENHURST, NY
David B Zabel
203-337-4255
1115 BROAD ST
BRIDGEPORT, CT
Jeremy Rosner Root
1 HUNTINGTON QUADRANGLE STE 3C06
MELVILLE, NY
Richard Leigh Stern
631-479-2869
135 PINELAWN RD STE 120S
MELVILLE, NY
Leslie Hanna Tayne
631-470-8204
150 Broadhollow Rd Ste 213
Melville, NY
Frank Stephen Scagluso
631-265-9900
373 ROUTE 111
SMITHTOWN, NY
Adam Michael Levy
75 JACKSON AVE
SYOSSET, 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 Saint James 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.
- Credit Repair Self Help Saint James NY
- Consumer Bankruptcy Saint James NY
- How to Get Credit After Bankruptcy Saint James NY
- Debt Settlement Companies Saint James NY
- Choosing a Credit Counseling Service Saint James NY
- Credit Counseling Saint James NY
- Credit Card Debt Saint James NY
- Involuntary Bankruptcy Saint James NY
- Bankruptcy Myths Saint James NY