Involuntary Bankruptcy Pittsford NY

There are mainly two reasons why people in Pittsford 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

G Michael Miller
55 CANTERBURY RD BLDG
ROCHESTER, NY
Gerald N. Murphy
1 CHASE SQ STE 1900
ROCHESTER, NY
Andrea Rose Butler
212-701-3509
1100 UNIVERSITY AVE BLDG
ROCHESTER, NY
Michael John Personte
2040 RIDGE RD E
ROCHESTER, NY
Mikal John Krueger
585-232-3730
TWO STATE STREET 2 STATE ST STE 1600
ROCHESTER, NY
Corey Alan Wright
212-701-3165
1100 UNIVERSITY AVE BLDG
ROCHESTER, NY
Mary Mcauley Connors
585-419-8511
130 E Main St
Rochester, NY
Nancy Ann Pappal
1 CHASE SQ STE 1900
ROCHESTER, NY
Alison Marie Urquhart
1100 UNIVERSITY AVE BLDG
ROCHESTER, NY
Anthony Kearns Tama
212-701-3197
1100 UNIVERSITY AVE BLDG
ROCHESTER, NY
Data Provided by:
  

Provided By:

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:

Peter Gitundu Creates Interesting And Thought Provoking Content on Finance. For More Information On How To Deal With Bankruptcy, Read More Of His Articles Here DEALING WITH BANKRUPTCY If You Enjoyed This Article, Make Sure You SUBSCRIBE TO MY RSS FEED!

Article Source: http://www.articlesbase.com/personal-finance-articles/involuntary-bankruptcy-dealing-with-the-effects-of-the-suit-920625.html

Related Articles
- Bankruptcy Counseling Pittsford NY
Bankruptcy is a legally declared situation in which a person is unable to pay debts as required by creditors. A petition is filed either voluntarily or involuntarily. Read on to get more bankruptcy counseling.
- Credit Repair Self Help Pittsford NY
- Credit Card Debt Pittsford NY
- Debt Settlement Companies Pittsford NY
- Credit Counseling for Debts Pittsford NY
- Bankruptcy Myths Pittsford NY
- Credit Counseling Pittsford NY
- How to Get Credit After Bankruptcy Pittsford NY
- Consumer Bankruptcy Pittsford NY