Involuntary Bankruptcy Oakland Gardens NY

There are mainly two reasons why people in Oakland Gardens 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

Richard Lawrence Reinhold
212-728-8292
787 7th Ave Fl 39th
New York, NY
David L. Tillem
914-872-7104
150 E 42ND ST MOBILE OIL BLDG
NEW YORK, NY
Nicholas Michael Santoiemma
212-479-6481
1114 Avenue of the Americas
New York, NY
Craig Lawrence Brown
212-692-5535
300 E 42ND ST FL 3
NEW YORK, NY
Daniel L. Carroll
212-907-9610
250 PARK AVE
NEW YORK, NY
Paul Neil Riskind
212-455-2864
425 LEXINGTON AVE
NEW YORK, NY
Bernard Mazur
212-233-5340
595 STEWART AVE
GARDEN CITY, NY
Stephen Mcnally
212-509-5050
100 WALL ST
NEW YORK, NY
James Peter Lagios
518-462-3000
1 HUNTINGTON QUADRANGLE STE 3C06
MELVILLE, NY
Marvin Moskowitz
212-889-7111
595 STEWART AVE
GARDEN CITY, 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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