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bankruptcy of physical persons
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With the adoption of the new Bankruptcy Code in Ukraine, the procedure for recognizing an individual as insolvent (insolvent) has changed. Today, about 72% of Ukrainians have credit obligations.
There are many reasons why citizens cannot pay off their debts and fully fulfill their obligations to creditors. And sometimes the bankruptcy procedure for an individual in Ukraine — the only way out of the problem situation.
The legal company Legal Solutions offers a full range of services and “turnkey” bankruptcy procedures.
Are you having a problem? Don't know how to pay off your debt? Contact us and get professional advice!
Bankruptcy of individuals: who can go through this procedure?
Obtaining insolvent status is allowed for the following categories:
- Citizens of Ukraine who took out a loan from a bank or financial institution and are no longer able to pay monthly payments.
- Individuals — debtors whose debt has been transferred to a collection agency.
- Citizens who find themselves in a difficult financial situation.
- Individuals, including business entities, who have debt on loan obligations in an amount exceeding 30 minimum wages as of a specific period.
Individual bankruptcy: key advantages
Bankruptcy of individuals in Ukraine has a number of advantages, in particular:
- from the moment you go to court, a mortgage loan in foreign currency is converted at the rate into national currency;
- in the event that the value of personal property is insufficient to repay loan obligations, the entire debt is considered repaid;
- as soon as proceedings to declare an individual insolvent are opened, the accrual of interest and penalties stops;
- inflation index is not applied;
- it is possible to carry out a debt restructuring procedure, which allows you to get a deferment;
- tax debt for the last three years is written off.
The procedure for bankruptcy of an individual in Ukraine
Before initiating such a procedure, we recommend contacting the legal company “Legal Solutions”. Our highly qualified specialists will not only help you go through all the stages, but will also provide reliable legal support.
Without the help of specialists, it will be difficult to recognize an individual as insolvent, since all legal aspects and requirements of the current legislation must be taken into account. First of all you need to:
- Analyze the debt and assets (property) of an individual.
- Assess all possible risks of bankruptcy proceedings.
- Collect a package of documents for going to court.
If everything is done in accordance with the requirements of the law, the court opens proceedings on the case. Next comes the debt restructuring procedure.
A committee of creditors is created, which makes a decision on repayment of debts and submits it to the court for approval. After the decision is made, the individual is declared bankrupt, and his debt is considered repaid.
Bankruptcy of individuals Ukraine: main stages
Like the procedure for declaring a business entity bankrupt, the procedure for an individual to obtain such status is regulated by current legislation.
The following stages of bankruptcy of an individual are provided:
- applying to court in compliance with the rules of jurisdiction;
- opening of proceedings on the case;
- appointment of an arbitration manager;
- holding a meeting of all creditors;
- drawing up, coordination and approval of a restructuring plan;
- forced sale of the debtor’s property (if it is impossible to implement a plan to restructure loan obligations);
- the court makes a decision.
Bankruptcy of individuals in Ukraine: what does the client get?
As a result of bankruptcy proceedings:
- The amount of debt is reduced.
- Debt restructuring is profitable.
- All debts are cancelled. The exceptions are alimony payments and compensation for damage caused to health.
- Tax liabilities are written off.
- The seizure imposed on the property is cancelled.
What are the consequences of bankruptcy of a private entrepreneur in Ukraine?
In addition to the benefits of writing off all debts, if an individual is declared insolvent, certain consequences also arise, in particular:
- during the next 5 years from the date of establishment of insolvency, an individual does not have the right to initiate a similar procedure;
- in the case of concluding credit agreements for 5 years, a person is obliged to notify banking institutions, financial organizations, legal entities about his status;
- from the moment the court decision enters into legal force and for 3 years, an individual is recognized as not having an impeccable business reputation.
What debts cannot be written off?
The bankruptcy procedure does not exempt you from paying the following obligations:
- alimony payments;
- compensation for harm caused to life and health;
- single social contribution.
List of services of the legal company "Legal Solutions"
We find an individual approach to each client and help solve problems of any complexity. The list of our services includes:
- Legal consultations.
- Analysis of documents and problem debts.
- Dispute settlement through debt restructuring and negotiations with creditors.
- Providing services of a professional arbitration manager.
- Preparation of a package of documents for going to court on a turnkey basis.
- Representation of the client’s interests in court at every stage of the proceedings.
- Supporting the procedure for the assessment and forced sale of the debtor’s property.
Algorithm of our work for individuals and individual entrepreneurs: turnkey bankruptcy
To become our client and receive a full range of services, you need to contact our specialists in any convenient way. You can call or fill out the feedback form on our website.
Next we work according to the following algorithm:
- Client consultation, discussion of all details.
- Conclusion of an agreement on the provision of legal services.
- Preparation of a package of documents.
- Sending an application to the court, choosing a liquidator, starting the liquidation procedure.
- Performance of all necessary activities on a turnkey basis; (from closing bank accounts to selling property to satisfy creditors' claims).
- Drafting a report on the results of the liquidation procedure and its approval in court.
- Obtaining a court decision.
We offer clients professional legal services at affordable prices. The main advantage of our company is professionalism and extensive experience in this category of cases.
Don’t waste time, contact the legal company “Legal Solutions” immediately. An individual approach, absolute confidentiality and legality of our actions are guaranteed to each client.
With us, the procedure for declaring an individual insolvent will be painless, and as quickly and legally as possible. We know how to solve your problem and help you save money, effort and nerves. Contact the legal company Legal Solutions!
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