Involuntary Bankruptcy Ridgewood NY

There are mainly two reasons why people in Ridgewood 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 L Wolfe
315-797-3550
595 STEWART AVE
GARDEN CITY, NY
Juliet Cain
450 LEXINGTON AVE
NEW YORK, NY
Edward Ho Tung Liao
49 W 37TH ST FL 7
NEW YORK, NY
David H. Wollmuth
500 5TH AVE
NEW YORK, NY
Raymond L. Moss
129 3RD ST
MINEOLA, NY
Jonathan S. Adler
212-859-8662
919 3RD AVE
NEW YORK, NY
Margot Beth Schonholtz
212-836-7064
425 PARK AVE
NEW YORK, NY
Thomas Mcgirr Sanford
1345 AVENUE OF THE AMERICAS
NEW YORK, NY
Shari Kahn Krouner
212-715-9222
1177 Avenue Of The Americas
New York, NY
Christopher Theodore Karounos
201-342-6000
21 Main St Ct Plaza South, West Wing, Ste 353
Hackensack, NJ
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
- Consumer Bankruptcy Ridgewood NY
It is important for anyone who is going through some form of financial hardships to be informed of some of the changes in the financial distress petition. This is especially important if you are considering going to court over the same.
- Debt Settlement Companies Ridgewood NY
- How to Get Credit After Bankruptcy Ridgewood NY
- Bankruptcy Counseling Ridgewood NY
- Bankruptcy Myths Ridgewood NY
- Credit Counseling for Debts Ridgewood NY
- Credit Repair Self Help Ridgewood NY
- Credit Card Debt Ridgewood NY
- Credit Counseling Ridgewood NY