Involuntary Bankruptcy Levittown NY

There are mainly two reasons why people in Levittown 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.

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Anthony Adam Capetola
516-746-2300
595 STEWART AVE
GARDEN CITY, NY
Warren Klein
212-733-5001
595 STEWART AVE
GARDEN CITY, NY
Greg Evan Bloom
516-393-2273
111 GREAT NECK RD STE 503
GREAT NECK, NY
Peter Christopher Stein
1225 FRANKLIN AVE
GARDEN CITY, NY
Richard Frank Artura
631-226-2100
150 SUNRISE HWY MFG HANOVER BLDG
LINDENHURST, NY
Vincent Renda
1001 FRANKLIN AVE
GARDEN CITY, NY
Anthony Charles Acampora
516-479-6330
100 JERICHO QUADRANGLE STE 300
JERICHO, NY
John Henry Hall
1475 FRANKLIN AVE
GARDEN CITY, NY
Mark David Mensher
516-877-1800
595 STEWART AVE
GARDEN CITY, NY
Daniel Luke McAuliffe
516-663-6600
Ruskin Moscou Faltischek Pc, 1425 Rxr Plaza Fl 15
Uniondale, 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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