Involuntary Bankruptcy Oceanside NY

There are mainly two reasons why people in Oceanside 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.

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Richard Glenn Gertler
516-228-3553
90 MERRICK AVE STE 400
EAST MEADOW, NY
Amanda Joan Gallagher
1345 AVENUE OF THE AMERICAS
NEW YORK, NY
Anthony Scardino
212-758-9300
950 3RD AVE FL 15
NEW YORK, NY
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212-381-8730
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NEW YORK, NY
Richard Pearson Krasnow
212-310-8493
767 5th Ave
New York, NY
Janine Marie Cerbone
488 MADISON AVE
NEW YORK, NY
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875 3RD AVE
NEW YORK, NY
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718-256-6794
595 STEWART AVE
GARDEN CITY, NY
Dallas L. Albaugh
212-907-7379
410 PARK AVE
NEW YORK, 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.


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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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