Bankrupt Now

Bankruptcy Counseling Classes After Filing a Petition
Bankruptcy is a legally declared situation in which a person is unable to pay debts A petition on the same is filed either voluntarily or involuntarily This means that the debtor who has accepted his condition may decide to go to court and file a financial distress petition or the creditors may choose to file the petition against the debtor . .For the petition to be accepted in the courts dealing with such cases, one is required to file, alongside the petition, recent financial statements to show how they are fairing financially Once the debtor has filed the petition and has handed in the required documents, the court appoints a trustee whose duty is to monitor the proceedings of the case . .The debtor will now be required to go through bankruptcy counseling immediately after filing the petition The petition will be nullified by the court if the debtor does not produce a certificate from an approved agency to show that he has been educated on financial matters After the first insolvency counseling session the debtor goes through one last session which lasts for two hours The sole aim of this last session is to remove any guilt that the debtor may be having and to also equip them will tools of avoiding this situation in future . .The agency is given the responsibility of guiding the debtor on areas that might have gone wrong in the past and identify possible ways of avoiding these pitfalls The last bankruptcy counseling session is normally carried out in groups The debtor may also prefer to do this via Internet or through phone conversations Finally the counselor is to give the debtor a certificate on completion of the two sessions .
Source: www.rsstnx.com