Involuntary Bankruptcy Jackson Heights NY

There are mainly two reasons why people in Jackson Heights 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

Rhea F. Gordon
212-909-6456
919 3RD AVE
NEW YORK, NY
Thomas Alan Humphreys
212-468-8006
1290 Ave Of The Americas
New York, NY
Stuart I. Rich
212-655-3590
140 East 45th Street, 19th Floor
New York, NY
Mari J. Galvin
212-798-0158
300 E 42ND ST
NEW YORK, NY
Ronald D Istivan
973-746-7480
303 CLAREMONT AVE
MONTCLAIR, NJ
Ksenia V Proskurchenko
908-762-4800
570 North Broad Street, Suite 13
Elizabeth, NJ
Robert P Shapiro
201-488-3900
411 HACKENSACK AVE CONTINENTAL PLAZA
HACKENSACK, NJ
Joseph M. Cassin
212-798-0116
300 E 42ND ST
NEW YORK, NY
Nancy L. Sanborn
450 LEXINGTON AVE
NEW YORK, NY
Joseph Charles Corneau
550 MAMARONECK AVE
HARRISON, 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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