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.

Local Companies

Douglas Joseph Bilotti
400 GARDEN CITY PLZ STE 202
GARDEN CITY, NY
Joyce Cain
516-385-4040
595 STEWART AVE
GARDEN CITY, NY
Stamatia Kampitsis Dewbury
845-353-3553
595 STEWART AVE
GARDEN CITY, NY
Bruce J. Wagner
518-447-3329
595 STEWART AVE
GARDEN CITY, NY
Jessica Nagle Martin
212-373-8673
170 Old Country Rd Ste 400
Mineola, NY
Richard Roberts
914-668-6622
34 East First Street
Mount Vernon, NY
Richard Joel Rubin
550 MAMARONECK AVE
HARRISON, NY
Stanley D. Heisler
212-889-9800
595 STEWART AVE
GARDEN CITY, NY
John P. Dimascio
516-747-4343
595 STEWART AVE
GARDEN CITY, NY
Carl G. Archer
718-474-0111
257 BEACH 116TH ST STE 203
ROCKAWAY PARK, 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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