Involuntary Bankruptcy Mineola NY

There are mainly two reasons why people in Mineola 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

Patrick L. Hayden
212-548-2163
1345 AVENUE OF THE AMERICAS
NEW YORK, NY
Christopher Robert Gresh
212-554-7884
10 CUTTERMILL RD STE 201
GREAT NECK, NY
Stephanie Kupferman
212-583-0500
595 STEWART AVE
GARDEN CITY, NY
Cynthia Jean Cornaire
518-271-0707
595 STEWART AVE
GARDEN CITY, NY
Raymond L. Moss
129 3RD ST
MINEOLA, NY
Scott K. Seamon
212-705-7964
399 PARK AVE
NEW YORK, NY
Sara Z. Boriskin
100 GARDEN CITY PLZ 100 GARDEN CITY PLAZA
GARDEN CITY, NY
Thomas R. Cassano
716-856-4800
595 STEWART AVE
GARDEN CITY, NY
John Chul Kim
111 LIVINGSTON ST STE 1110
BROOKLYN, NY
Michael Joseph Bauer
1185 AVENUE OF THE AMERICAS FL 17
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.


About the Author:

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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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