Involuntary Bankruptcy Spring Valley NY

There are mainly two reasons why people in Spring Valley 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

Joseph T Mongelli
201-487-2887
84 PALSA AVE
ELMWOOD PARK, NJ
Roger C Bernhammer
201-457-9200
155 POLIFLY RD STE 200
HACKENSACK, NJ
Alexander G Benisatto
201-488-3900
411 HACKENSACK AVE CONTINENTAL PLAZA
HACKENSACK, NJ
Robin A Henry
914-749-8216
333 MAIN ST
ARMONK, NY
Rita K. Gilbert
45 KNOLLWOOD RD KNOLLWOOD TOWERS
ELMSFORD, NY
Robert Sterling Meyer
973-835-0100
51 ROUTE 23 SOUTH PO BOX 70
RIVERDALE, NJ
Michael J Sweeney
973-256-0456
155 US HIGHWAY 46 WAYNE PLAZA BLDG 2
WAYNE, NJ
Gail B Cooperman
201-845-1000
80 E STATE RT 4 THE ATRIUM
PARAMUS, NJ
Lori Ellen Kolin
201-343-5001
155 Polifly Rd
Hackensack, NJ
Candi J. Fulop
45 KNOLLWOOD RD KNOLLWOOD TOWERS
ELMSFORD, 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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