Involuntary Bankruptcy Maspeth NY

There are mainly two reasons why people in Maspeth 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

Sonja Tennille Orgias
1 OLD COUNTRY RD STE 125
CARLE PLACE, NY
Harry Michael Gutfleish
201-845-1000
80 Route 4 E Ste 290
Paramus, NJ
Joseph Andrew Herz
200 PARK AVE
NEW YORK, NY
Andrea Liria Nicolas
212-735-3416
4 Times Sq
New York, NY
Kelly Lynn Donovan
716-546-3065
595 STEWART AVE
GARDEN CITY, NY
Joy Naomi Fallek
212-554-7819
10 CUTTERMILL RD STE 201
GREAT NECK, NY
Eric David Waters
913-451-5112
TWENTY-FOURTH Floor 30 Rockefeller Plaza
New York, NY
Myron D Milch
201-342-2868
CONTINENTAL PLAZA 433 HACKENSACK AVE FL 2
HACKENSACK, NJ
Mason Hammond Drake
500 5TH AVE
NEW YORK, NY
Jennifer Fletcher Beltrami
212-986-1116
Cozen O'Connor, 250 Park Ave 10th Fl
New York, 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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