Involuntary Bankruptcy East Elmhurst NY

There are mainly two reasons why people in East Elmhurst 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

Alice Belisle Eaton
212-373-3125
425 LEXINGTON AVE
NEW YORK, NY
Eric Steven Medina
1211 AVENUE OF THE AMERICAS
NEW YORK, NY
Leonard George Florescue
212-885-5396
595 STEWART AVE
GARDEN CITY, NY
Jonathan D. Pressment
212-837-6853
1 BATTERY PARK PLZ FL 12
NEW YORK, NY
Robert K. Dakis
212-351-5386
200 Park Ave
New York, NY
Marc F Skapof
1251 AVENUE OF THE AMERICAS
NEW YORK, NY
Jennifer Anne Christian
212-751-3091
101 PARK AVE
NEW YORK, NY
Amanda Rose Raboy
212-841-1171
620 8th Ave
New York, NY
Debra M. Genetin
11 HILLSIDE AVE
WILLISTON PARK, NY
Shira D. Weiner
212-833-1138
1633 Broadway
New York, 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 East Elmhurst 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.
- Bankruptcy Counseling East Elmhurst NY
- Credit Card Debt East Elmhurst NY
- Credit Counseling East Elmhurst NY
- Debt Settlement Companies East Elmhurst NY
- Consumer Bankruptcy East Elmhurst NY
- How to Get Credit After Bankruptcy East Elmhurst NY
- Credit Repair Self Help East Elmhurst NY
- Bankruptcy Myths East Elmhurst NY