Involuntary Bankruptcy South Ozone Park NY

There are mainly two reasons why people in South Ozone Park 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

Ilissa Churgin Hook
201-525-6293
25 MAIN STREET PO BOX 800
HACKENSACK, NJ
Juliet Cain
450 LEXINGTON AVE
NEW YORK, NY
Charles Aaron Samuelson
212-837-6454
1 BATTERY PARK PLZ FL 12
NEW YORK, NY
Andrew Glenn Blau
212-701-3316
Eighty Pine Street
New York, NY
Amish R. Doshi
212-297 5828
875 3RD AVE
NEW YORK, NY
Kevin A. Janus
212-849 7000
900 3RD AVE FL 36
NEW YORK, NY
Ronald Lewis Cohen
212-574-1515
1 BATTERY PARK PLZ
NEW YORK, NY
Peter Andrews Bicks
212-506-3742
666 5TH AVE
NEW YORK, NY
Jonathan James Frankel
212-701-3731
Eighty Pine Street
New York, NY
Stacy Shimony
212-867-4466
270 MADISON AVE
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.


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

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