Involuntary Bankruptcy Woodhaven NY

There are mainly two reasons why people in Woodhaven 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

Jaime Koniak Abrams
212-551-2630
450 LEXINGTON AVE RM 3800
NEW YORK, NY
Charles S. Sherman
516-742-7400
595 STEWART AVE
GARDEN CITY, NY
Stuart I. Rich
212-655-3590
140 East 45th Street, 19th Floor
New York, NY
Jinsoo H. Kim
212-450-4217
450 LEXINGTON AVE
NEW YORK, NY
Stephen Anton Santola
908-233-6800
26 BROADWAY STE 2300
NEW YORK, NY
Robert Andrew Koubek
190 WILLIS AVE
MINEOLA, NY
Richelle Kalnit
212-479-6452
1185 AVENUE OF THE AMERICAS
NEW YORK, NY
Dianne F. Coffino
212-841-1043
620 8th Ave
New York, NY
Marie A. Fersko
718-256-6794
595 STEWART AVE
GARDEN CITY, NY
Richard T. Sules
161 WILLIAM ST FL 19
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
- Credit Counseling for Debts Woodhaven NY
There are many companies and even banks that offer credit counseling. It is nothing but a form of debt consolidation that is available to anyone. Credit counseling is a much better alternative than filing for a bankruptcy. In consumer credit counseling, plans and budgets are prepared that are to be followed to slowly clear off all the debts.
- Bankruptcy Myths Woodhaven NY
- Credit Repair Self Help Woodhaven NY
- Debt Settlement Companies Woodhaven NY
- Credit Counseling Woodhaven NY
- How to Get Credit After Bankruptcy Woodhaven NY
- Consumer Bankruptcy Woodhaven NY
- Credit Card Debt Woodhaven NY
- Bankruptcy Counseling Woodhaven NY