Involuntary Bankruptcy Bay Shore NY

There are mainly two reasons why people in Bay Shore opt to go to court to file a financial bankruptcy petition. Some find themselves doing this out of the poor spending habits that they have been developed over the years. While for others, bad luck just catches up with them.

Local Companies

Edward William Vopat
516-804-3524
14 Bell Ct
Bellmore, NY
Robin S. Abramowitz
631-761-0870
225 OLD COUNTRY RD
MELVILLE, NY
Noelle Beth Fischer
3305 JERUSALEM AVE STE 201
WANTAGH, NY
Andrew M. Doktofsky
631-673-9600
191 NEW YORK AVE
HUNTINGTON, NY
Ronald D. Weiss
734 WALT WHITMAN RD STE 203
MELVILLE, NY
Nicole Denise Mignone
631-712-5680
290 Federal Plaza
Islip, NY
Richard Leigh Stern
631-479-2869
135 PINELAWN RD STE 120S
MELVILLE, NY
Mitchell Lee Pashkin
25 HARRIET LN
HUNTINGTON, NY
David Adam Blansky
3305 JERUSALEM AVE STE 201
WANTAGH, NY
Peter Bryan Katzman
425 BROADHOLLOW RD STE 315
MELVILLE, NY
Data Provided by:
  

Provided By:

Involuntary Bankruptcy- Dealing With The Effects Of The Suit

Author: Peter Gitundu

There are mainly two reasons why people opt to go to court to file a financial bankruptcy petition. Some find themselves doing this out of the poor spending habits that they have been developed over the years. While for others, bad luck just catches up with them. In such cases most people will go into voluntary insolvency which in simple terms is the debtor going to court to file a petition.



However, there is also the involuntary way of filing for bankruptcy. This is done by creditors who will normally come together and file a lawsuit on the debtor. This is known as involuntary insolvency. It begins with the creditors filing a petition and summons with the U.S court. The debtor will be served with a notice on the filed petition and will be expected to forward any objections within twenty days.



In case the debtor has no objections, the case will go on trial. Since this is mainly done in cases of business and not individuals, there are mainly two chapters under which the case can be filed. These are mainly chapter 11 and the liquidation chapter. Under the liquidation chapter, the debtor will be required to close down the business and have the assets liquidated while under chapter 11, the debtor will be given a chance to reorganize the business and continue working to pay off debts.



In chapter 11, the day-to-day running of the business will be handled by the debtor while all finances are handled by a trustee who is appointed by the court. Due to the final effects that the involuntary bankruptcy might have, the debtor would rather seek the courts help voluntarily.


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/involuntary-bankruptcy-dealing-with-the-effects-of-the-suit-920625.html

Related Articles
- Credit Counseling for Debts Bay Shore NY
There are many companies and even banks that offer credit counseling. It is nothing but a form of debt consolidation that is available to anyone. Credit counseling is a much better alternative than filing for a bankruptcy. In consumer credit counseling, plans and budgets are prepared that are to be followed to slowly clear off all the debts.
- Consumer Bankruptcy Bay Shore NY
- Credit Counseling Bay Shore NY
- Debt Settlement Companies Bay Shore NY
- Credit Repair Self Help Bay Shore NY
- Bankruptcy Myths Bay Shore NY
- How to Get Credit After Bankruptcy Bay Shore NY
- Bankruptcy Counseling Bay Shore NY
- Credit Card Debt Bay Shore NY