Involuntary Bankruptcy Howard Beach NY

There are mainly two reasons why people in Howard Beach 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

Shira Abilevitz
212-701.3044
80 PINE ST FL 17
NEW YORK, NY
Richard Levy Jr.
212-326-0886
7 Times Square
New York, NY
Ilene J. Behar
516-746-5360
595 STEWART AVE
GARDEN CITY, NY
William Francis Dahill
500 5TH AVE
NEW YORK, NY
Howard S. Dallow
914-343-4070
595 STEWART AVE
GARDEN CITY, NY
Adam Hankiss
212-909-6075
919 3RD AVE
NEW YORK, NY
Matthew S. Vuolo
212-424 8670
125 W 55TH ST
NEW YORK, NY
Al B Sawyers
212-506-5041
666 Fifth Ave 17th Fl
New York, NY
Penny Lin Dearborn
1285 AVENUE OF THE AMERICAS
NEW YORK, NY
Merrick Jason Brodsky
718-491-6400
539 86TH ST FL 2
BROOKLYN, 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 Howard Beach 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 Repair Self Help Howard Beach NY
- Consumer Bankruptcy Howard Beach NY
- Credit Counseling Howard Beach NY
- Bankruptcy Myths Howard Beach NY
- Bankruptcy Counseling Howard Beach NY
- Debt Settlement Companies Howard Beach NY
- Credit Card Debt Howard Beach NY
- How to Get Credit After Bankruptcy Howard Beach NY