Involuntary Bankruptcy Bronxville NY

There are mainly two reasons why people in Bronxville 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

David W. Dykhouse
212-336-2850
1133 Avenue of The Americas
New York, NY
John P. Courtney
713-220-4078
450 LEXINGTON AVE
NEW YORK, NY
Mary B Touchstone
212-455-2549
425 LEXINGTON AVE
NEW YORK, NY
Scott Robert Kipnis
212-818-9000
Hofheimer Gartlir & Gross Llp, 530 5th Avenue 9th Floor
New York, NY
Jennifer Alec Schwartz
212-661-2900
360 LEXINGTON AVE
NEW YORK, NY
Shira Abilevitz
212-701.3044
80 PINE ST FL 17
NEW YORK, NY
Mark Alan Speiser
212-806-5437
180 Maiden Ln
New York, NY
Richard Steven Last
228 E 45TH ST FL 17
NEW YORK, NY
Matthew Priston Morris
212-909 0600
590 MADISON AVE
NEW YORK, NY
Anne Louise Knight
212-455-3815
425 LEXINGTON AVE
NEW YORK, NY
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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:

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Article Source: http://www.articlesbase.com/personal-finance-articles/involuntary-bankruptcy-dealing-with-the-effects-of-the-suit-920625.html

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