Bankruptcy Counseling Yorktown Heights 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 Yorktown Heights.

Local Companies

Richard Schisano
845-764-4271
3250 ROUTE 9 W
NEW WINDSOR, NY
William Ralph Donaldson
203-748-2671
65 MAIN ST
DANBURY, CT
Carol W. Most
222 BLOOMINGDALE RD STE 302
WHITE PLAINS, NY
Susan Ilene Hellerman
45 KNOLLWOOD RD KNOLLWOOD TOWERS
ELMSFORD, NY
Alan G. Merkin
845-634-3775
254 S MAIN ST
NEW CITY, NY
Sophia Annmarie Rutty Esq.
914-584-7641
45 KNOLLWOOD RD KNOLLWOOD TOWERS
ELMSFORD, NY
Michael Hal Schwartz
1 WATER ST
WHITE PLAINS, NY
Patricia Ellen London
212-833-1199
Po Box 2005
Tarrytown, NY
Harold J. Johnson
914-368-7273
1 N BROADWAY WHITE PLAINS PLAZA
WHITE PLAINS, NY
Robin Reich Esq.
914-949-2126
45 KNOLLWOOD RD KNOLLWOOD TOWERS
ELMSFORD, 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.


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

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