Anyone who does not liquidate his debts may fall into such financial difficulties, from which he will definitely not get himself out. At such times, there is no room for self-pity; one must take action. The last resort in resolving a debtor who is unable to repay his debts is to declare bankruptcy. After all, only a company can declare bankruptcy. For several years now, there is a bankruptcy law that allows ordinary people to declare bankruptcy. This provides a beneficial remedy for both creditors and the debtor himself.14]
If you too are in such an unfortunate situation, I urge you not to be discouraged. Your solution is to declare bankruptcy!
Of course, declaring bankruptcy is not unconditional. After all, like everything else.
1. you must prove that you can repay at least one-third of your debts within five years.
2. that you owe at least two creditors.
3. lastly, be at least 30 days in arrears of regular payments.
What happens after five years?Your debt will be written off. Thissolution is really great for both parties.
– After five years, your debts are gone and you can start your life with a clean slate.
– Your creditors get at least a portion of the debt, which is regulated by your personal bankruptcy trustee.
Of course, you may not understand theprocess of declaring personal bankruptcy. That is why it is advisable to approach a reputable firm to help you declare it.
There are formal procedures to follow
– first you must file for bankruptcy. These proposals are prepared and filled out. [Then the bankruptcy process itself takes place, filling in the deficiencies in the application. Then, the advances are assessed.
– Then an appearance before the court is required, and the court decides whether personal bankruptcy can begin for a period of five years.
– When creditors file their claims, you begin repayment according to the assessment of advances.
Is there currently a better solution than bankruptcy? Of course not.