Involuntary Bankruptcy Deer Park NY

There are mainly two reasons why people in Deer Park 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

Eric Nelson
718-668-2206
595 STEWART AVE
GARDEN CITY, NY
Randy J. Schaefer
100 JERICHO QUADRANGLE STE 300
JERICHO, NY
Ronald Jay Friedman
516-479-6303
100 JERICHO QUADRANGLE STE 300
JERICHO, NY
John P. Dimascio
516-747-4343
595 STEWART AVE
GARDEN CITY, NY
John Osborn
716-454-6480
595 STEWART AVE
GARDEN CITY, NY
Sharon Stein
212-697-4500
595 STEWART AVE
GARDEN CITY, NY
Mitchell Lee Pashkin
25 HARRIET LN
HUNTINGTON, NY
Salvatore J. Alesia
100 N CENTRE AVE
ROCKVILLE CENTRE, NY
David Anthony Loglisci
516-248-9880
170 OLD COUNTRY RD STE 608
MINEOLA, NY
Stanford Gerald Lotwin
516-739-2020
595 STEWART AVE
GARDEN CITY, 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 Deer Park 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.
- Credit Card Debt Deer Park NY
- Debt Settlement Companies Deer Park NY
- Credit Repair Self Help Deer Park NY
- Credit Counseling Deer Park NY
- Bankruptcy Counseling Deer Park NY
- How to Get Credit After Bankruptcy Deer Park NY
- Consumer Bankruptcy Deer Park NY
- Bankruptcy Myths Deer Park NY