Bankruptcy Counseling Selden 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 Selden.

Local Companies

Richard Leigh Stern
631-479-2869
135 PINELAWN RD STE 120S
MELVILLE, NY
William Alexander Whitman
440 Nesconset Highway
Port Jefferson Station, NY
Vincent Cuocci
135 PINELAWN RD STE 120S
MELVILLE, NY
Kamini Fox
1393 VETERANS HWY
HAUPPAUGE, NY
Andrew M. Doktofsky
631-673-9600
191 NEW YORK AVE
HUNTINGTON, NY
Richard Austin Mitchell
845-473-8100
1 HUNTINGTON QUADRANGLE STE 3C06
MELVILLE, NY
Robert Henry Tucker
330 VANDERBILT MOTOR PKWY STE 400
HAUPPAUGE, NY
Robert Philip Santoriella
330 VANDERBILT MOTOR PKWY STE 400
HAUPPAUGE, NY
Joseph C. Savino
631-761-0855
225 OLD COUNTRY RD
MELVILLE, NY
Melvyn Lewis Jacoby
631-289-4600
1737 N OCEAN AVE
MEDFORD, 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 Selden 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 Repair Self Help Selden NY
- Credit Counseling for Debts Selden NY
- Consumer Bankruptcy Selden NY
- Involuntary Bankruptcy Selden NY
- Credit Card Debt Selden NY
- Credit Counseling Selden NY
- Choosing a Credit Counseling Service Selden NY
- Bankruptcy Myths Selden NY
- How to Get Credit After Bankruptcy Selden NY