Involuntary Bankruptcy Watertown NY

There are mainly two reasons why people in Watertown 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

Capone Richard M Atty
(315) 782-4083
272 Green St
Watertown, NY
Swartz Eric T
(315) 836-1540
200 Washington St
Watertown, NY
Dickinson Daniel S III
(315) 782-5650
20889 Weaver Rd
Watertown, NY
Jenne Addie Ae
(315) 788-5100
407 Sherman St
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Legal Services of Central New York Inc
(315) 788-2072
44 Public Sq
Watertown, NY
Anthony Inserra
531 WASHINGTON ST
WATERTOWN, NY
Vars Addison F III
(315) 786-7950
120 Washington St
Watertown, NY
Marsh Leonard R
(315) 788-3400
1201 Washington St
Watertown, NY
Doldo Todd J
(315) 782-5898
230 Franklin St
Watertown, NY
Renzi Robert V
(315) 782-3366
Woolworth
Watertown, 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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