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

Frank Brenner
212-486-5520
595 STEWART AVE
GARDEN CITY, NY
Stanley Weiner
845-425-3363
595 STEWART AVE
GARDEN CITY, NY
Joyce Cain
516-385-4040
595 STEWART AVE
GARDEN CITY, NY
Meghan Elizabeth Bradley
212-819-0555
595 STEWART AVE
GARDEN CITY, NY
Edward M. Teitelbaum
201-291-8660
225 OLD COUNTRY RD
MELVILLE, NY
Harvey Gary Landau
914-761-5200
595 STEWART AVE
GARDEN CITY, NY
Jon W. Brenizer
315-422-2255
595 STEWART AVE
GARDEN CITY, NY
Elisabeth Vreeburg
718-261-6200
595 STEWART AVE
GARDEN CITY, NY
Karen Blaustein
212-921-0400
595 STEWART AVE
GARDEN CITY, NY
Brian Jay Lester
631-907-3500
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 Card Debt Syosset NY
If you have gotten over your head in credit card debt you are not alone. According to the FTC, there are four basic methods you can use to assist you with this: Credit Counseling, Debt Management Programs, Debt Consolidation, or Bankruptcy. While bankruptcy should only be considered only as a last choice, let’s review the first three programs that may be of significant help to you if you are in debt.
- Debt Settlement Companies Syosset NY
- Choosing a Credit Counseling Service Syosset NY
- Involuntary Bankruptcy Syosset NY
- Credit Counseling Syosset NY
- Credit Counseling for Debts Syosset NY
- Bankruptcy Myths Syosset NY
- How to Get Credit After Bankruptcy Syosset NY
- Consumer Bankruptcy Syosset NY
- Credit Repair Self Help Syosset NY