Information on Involuntary Bankruptcy Utica NY

Bankruptcy is a common phenomenon in most countries today. Thousands of individuals and businesses in Utica are going to court to seek protection against creditors harassment. This is done voluntarily by the debtor going to court to file a petition.

Martin Joseph Daly
(315) 797-0890
185 GENESEE ST STE 1200
UTICA, NY
Specialties
Bankruptcy, Divorce, Family, Personal Injury
State Licensing
New York

Brad S. Margolis
2600 ONEIDA ST
UTICA, NY
Specialties
General Practice, Family, Bankruptcy, DUI, Divorce
Education
New England School of Law
State Licensing
New York

Carolyn J. Cooley
(315) 724-3749
77 GENESEE STREET PO BOX 873
NEW HARTFORD, NY
Specialties
Bankruptcy
Education
Boston University School of Law,Colgate University
State Licensing
New York

Karl Erik Manne
(315) 866-7642
107 COURT ST
HERKIMER, NY
Specialties
Bankruptcy, Real Estate, Corporate, Litigation, Family, General Practice
Education
Albany Law School of Union University,Hartwick College
State Licensing
New York

James W. Hyde IV
(315) 797-8300
S-600, 258 Genesee Street
Utica, NY
 
Ann W. Manion
1750 GENESEE ST
UTICA, NY
Specialties
Real Estate, Estate Planning, Bankruptcy
State Licensing
New York

Merritt Sullivan Locke
185 GENESEE ST STE 1400
UTICA, NY
Specialties
Employment, Business, Litigation, Bankruptcy, Debt Collection
Education
St Lawrence University,George Washington University
State Licensing
New York

Scott Harris Oberman
110 W ALBANY ST
HERKIMER, NY
Specialties
Car Accident, Criminal Defense, DUI, Speeding Ticket, Bankruptcy
State Licensing
New York

Michael Andrew Castle
110 W ALBANY ST
HERKIMER, NY
Specialties
Car Accident, Criminal Defense, DUI, Speeding Ticket, Bankruptcy
Education
No Law School provided
State Licensing
Florida, New York

Nicholas S. Priore
(315) 797-9261
Suite 401, 258 Genesee Street
Utica, NY
 

Information on Involuntary Bankruptcy

Provided By:

Involuntary Bankruptcy- Determine Whether Its Done In Good Faith

Author: Peter Gitundu

Bankruptcy is a common phenomenon in most countries today. Thousands of individuals and businesses are going to court to seek protection against creditors harassment. This is done voluntarily by the debtor going to court to file a petition. However what many people do not know is that the creditors can force one into involuntary insolvency. This way, the debtor will face a bigger number of creditors at once other than paying a part of these at the expense of others.

The debtor in involuntary bankruptcy is given a chance to either liquidate or reorganize. Petitions under these chapters can be opened against anyone, apart from farmers, banks, non-profit organizations, insurance companies, savings unions and credit institutions. Though involuntary bankruptcy may not be common, it only happens when the debtor has spent a long period of time without meeting their monthly obligation towards creditors.

This could also be the case if a custodian was appointed by the court to take over the debtors assets three months before the petition was filed. In this case, the court will only require a minimum of three creditors who will file a petition against the debtor. This is in case the debtor has 12 or more creditors.

The court will look into the petition filed and determine whether it is done in good faith or not. In case the creditors are playing fair against the debtor, the court will enter an order for relief. In case this is not being done in good faith, the court will award monetary damages to the debtor.


About the Author:

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