Involuntary Bankruptcy Saint Albans NY

There are mainly two reasons why people in Saint Albans 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

Laurence Drew Borten
1633 BROADWAY
NEW YORK, NY
Arthur Seymour Olick
212-278-1339
1251 Avenue Of The Americas
New York, NY
Michael Steven Schreiber
400 E 85TH ST APT 6H
NEW YORK, NY
Randy J. Schaefer
100 JERICHO QUADRANGLE STE 300
JERICHO, NY
Semra Mesulam
212-909-6881
919 3RD AVE
NEW YORK, NY
Douglas Joseph Bilotti
400 GARDEN CITY PLZ STE 202
GARDEN CITY, NY
Benjamin Anthony Tisdell
450 LEXINGTON AVE
NEW YORK, NY
Lary Stromfeld
212-504-6291
1 World Financial Ctr
New York, NY
Alesia Ranney-Marinelli
212-735-2870
4 TIMES SQUARE
New York, NY
B Jeffery Bell
212-701-3645
80 PINE ST FL 17
NEW YORK, 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
- How to Get Credit After Bankruptcy Saint Albans NY
The question that bothers many people after they have been declared bankrupt is whether anyone will ever trust them with their goods and services. It is possible to obtain credit after bankruptcy and gain the confidence of former as well as potential creditors by following a few simple steps.
- Credit Counseling for Debts Saint Albans NY
- Credit Counseling Saint Albans NY
- Consumer Bankruptcy Saint Albans NY
- Credit Repair Self Help Saint Albans NY
- Credit Card Debt Saint Albans NY
- Bankruptcy Counseling Saint Albans NY
- Bankruptcy Myths Saint Albans NY
- Debt Settlement Companies Saint Albans NY