Involuntary Bankruptcy Elmont NY

There are mainly two reasons why people in Elmont 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

Stefanie Nicole Devery
516-433-0480
1981 MARCUS AVE
NEW HYDE PARK, NY
Sally M. Henry
212-735-2560
4 Times Sq
New York, NY
Maura I. Russell
499 PARK AVE
NEW YORK, NY
Elayne E. Greenberg
516-829-5521
595 STEWART AVE
GARDEN CITY, NY
Jeffrey Ross Wang
212-833-1175
1633 BROADWAY
NEW YORK, NY
Erica G. Weinberger
1285 AVENUE OF THE AMERICAS
NEW YORK, NY
Brad C Carso
212-506-5048
666 5TH AVE
NEW YORK, NY
George W Klein
7009 AUSTIN ST
FOREST HILLS, NY
Nicholas Arthur Whitney
1 WORLD FINANCIAL CTR FL 29
NEW YORK, NY
Stephen Wayne Rubin
212-969-3330
1585 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 Card Debt Elmont NY
If you have gotten over your head in credit card debt you are not alone. According to the FTC, there are four basic methods you can use to assist you with this: Credit Counseling, Debt Management Programs, Debt Consolidation, or Bankruptcy. While bankruptcy should only be considered only as a last choice, let’s review the first three programs that may be of significant help to you if you are in debt.
- Debt Settlement Companies Elmont NY
- Consumer Bankruptcy Elmont NY
- Bankruptcy Myths Elmont NY
- How to Get Credit After Bankruptcy Elmont NY
- Credit Repair Self Help Elmont NY
- Bankruptcy Counseling Elmont NY
- Credit Counseling for Debts Elmont NY
- Credit Counseling Elmont NY