Bankruptcy Counseling West Babylon 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 West Babylon.

Local Companies

Jonathan W Lipshie
202-321-6277
140 Fell Court
Hauppauge, NY
Nancy Dillman Peck
716-546-3065
595 STEWART AVE
GARDEN CITY, NY
Leonard Robert Sperber
516-739-3979
595 STEWART AVE
GARDEN CITY, NY
Esther Miriam Schonfeld
516-569-5001
595 STEWART AVE
GARDEN CITY, NY
Harold Allen Mayerson
212-685-7474
595 STEWART AVE
GARDEN CITY, NY
James Carroll
631-676-5692
Holbrook, NY
Robert Dobrish
212-532-4000
595 STEWART AVE
GARDEN CITY, NY
Eric Nelson
718-668-2206
595 STEWART AVE
GARDEN CITY, NY
Marie A. Fersko
718-256-6794
595 STEWART AVE
GARDEN CITY, NY
Peter Thanh Nguyen
20 DEWEY ST
HUNTINGTON, 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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