Involuntary Bankruptcy New Hyde Park NY

There are mainly two reasons why people in New Hyde Park 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

Jeremy Bradford Coffey
212-209-4920
7 Times Square
New York, NY
Wayne Alan Cross
212-819-8797
1155 AVENUE OF THE AMERICAS
NEW YORK, NY
Robert Scott Loigman
212-849-7000
51 Madison Ave Fl 22nd
New York, NY
Jason Tenenbaum
516-750-0595
595 STEWART AVE STE 550
GARDEN CITY, NY
Leopoldo A. Abad
350 5TH AVE EMPIRE STATE BUILDING
NEW YORK, NY
Peter Harold Harutunian
212-841-0761
666 5TH AVE
NEW YORK, NY
Stephen R Taub
516-877-0777
595 STEWART AVE
GARDEN CITY, NY
Ronald Lewis Cohen
212-574-1515
1 BATTERY PARK PLZ
NEW YORK, NY
Jayson Lutzky
718-329-9500
26 W 183rd St
Bronx, NY
Sebastian Cucullu
212-455-3504
425 LEXINGTON AVE
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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Article Source: http://www.articlesbase.com/personal-finance-articles/involuntary-bankruptcy-dealing-with-the-effects-of-the-suit-920625.html

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