Bankruptcy Counseling Syosset 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 Syosset.

Local Companies

Stefanie Nicole Devery
516-433-0480
1981 MARCUS AVE
NEW HYDE PARK, NY
Diane C. Carroll
631-351-1500
595 STEWART AVE
GARDEN CITY, NY
Carol A. Glick
516-296-7087
90 MERRICK AVE
EAST MEADOW, NY
Randi S. Isaacs
212-371-0799
595 STEWART AVE
GARDEN CITY, NY
Lawrence S. Greengrass
212-804-4237
855 FRANKLIN AVE
GARDEN CITY, NY
Donna M. Fiorelli
3305 JERUSALEM AVE STE 201
WANTAGH, NY
Michael N Klar
516-746-6565
595 STEWART AVE
GARDEN CITY, NY
Peter Sullivan
100 GARDEN CITY PLZ 100 GARDEN CITY PLAZA
GARDEN CITY, NY
Lynne Patterson Kramer
631-462-5888
595 STEWART AVE
GARDEN CITY, NY
Harlan Gingold
315-422-2255
595 STEWART AVE
GARDEN CITY, 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.


About the Author:

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

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