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

Jeffrey Gerard Tougas
1675 BROADWAY
NEW YORK, NY
Emanuel C. Grillo
212-813-8880
599 LEXINGTON AVE
NEW YORK, NY
Lauren Jill Elliot
212-506-3754
666 5TH AVE
NEW YORK, NY
Anthony Joseph Diana
212-506-2542
1675 BROADWAY
NEW YORK, NY
Eric J. Snyder
212-981-2328
237 PARK AVE FL 21
NEW YORK, NY
Erika Nicole Finn
212-850-2865
450 LEXINGTON AVE
NEW YORK, NY
Andrew Louis Rosenberg
212-798-0209
300 E 42ND ST
NEW YORK, NY
Robert Thomas Barnard
212-908-3922
1 CHASE MANHATTAN PLZ
NEW YORK, NY
Keith Howard Wofford
212-841-8816
1251 AVENUE OF THE AMERICAS
NEW YORK, NY
Edward Lee Schnitzer
488 MADISON 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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