Involuntary Bankruptcy East Syracuse NY

There are mainly two reasons why people in East Syracuse 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

Howard J Woronov
217 S SALINA ST ONONDAGA PLAZA
SYRACUSE, NY
Wayne R. Bodow
1925 PARK ST
SYRACUSE, NY
James F. Evans III
315-425-2827
120 E WASHINGTON ST STE 107
SYRACUSE, NY
R. John Clark
315-471-3151
100 MADISON ST ONE MONY TOWER
SYRACUSE, NY
Eric W. Sherwood
315-473-9985
307 S CLINTON ST STE 200
SYRACUSE, NY
Paul Douglas Dodd
315-472-4481
Ali Pappas & Cox Pc, 614 James St Ste 100
Syracuse, NY
Harold P Goldberg
315-637-4372
1 LINCOLN CTR
SYRACUSE, NY
Nancy L. Pontius
315-233-8281
101 S SALINA ST STE 600
SYRACUSE, NY
Lee Edwin Woodard
315-214-2010
1 LINCOLN CTR
SYRACUSE, NY
Neil J. Smith
315-233-8226
101 S SALINA ST STE 600
SYRACUSE, 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.


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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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