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

Susan L. Bender
212-725-3737
595 STEWART AVE
GARDEN CITY, NY
Mark Michael Elliott
212-705-7796
399 Park Ave
New York, NY
Ana Maria Alfonso
212-836-7896
425 PARK AVE
NEW YORK, NY
Peter Eli Bronstein
212-956-8300
595 STEWART AVE
GARDEN CITY, NY
Kara Fay Moskowitz
212-506-5183
666 5TH AVE
NEW YORK, NY
Elyssa Suzanne Kates
575 LEXINGTON AVE
NEW YORK, NY
Adam Craig Harris
900 3RD AVE FL 36
NEW YORK, NY
Roy H. Wallace
67 WALL ST STE 1810
NEW YORK, NY
John Vagelatos
1285 AVENUE OF THE AMERICAS
NEW YORK, NY
Jason Tenenbaum
516-750-0595
595 STEWART AVE STE 550
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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