Advice on bankruptcy of individuals

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Legal Solutions provides advice on bankruptcy of individuals in Kiev and other cities of Ukraine.

Unlike legal entities, the recognition of FLP insolvent - an extreme measure. The court takes such a decision in cases where it is impossible to restructure the debt.

Bankruptcy of individuals: consultation and legal assistance

To understand such a question to a person independently is quite difficult, since the insolvency procedure is filled with legal content. 

You can turn to our lawyers, who will perform all necessary actions in accordance with the legislation:

• analyze the debt and property of the debtor;
• assess all possible risks of the procedure;
• conduct pre-trial preparation;
• collect a package of documents;
• send to the economic court;
• conduct a debt restructuring procedure;
• engage a bankruptcy trustee.

We have an online consultation on bankruptcy. You can also communicate with specialists by phone or in person at our office.

The procedure of bankruptcy of individuals.

After sending an application and a package of documents, the court opens proceedings on the insolvency of FLP or citizen.

Further the procedure is carried out according to the following algorithm:

1. Appointment of an arbitration manager, together with whom the debtor must develop a debt restructuring plan. Physical person is given 120 days, during which a ban on payment of payments, except for mandatory payments. The court may also seize the property.
2. Within 30 days, creditors send their claims to the debtor.
3. If the restructuring plan is not implemented or it was not approved by the court, the insolvency of the individual is recognized.

The procedure of repayment of loans and other debts by selling the property privately owned by the bankrupt begins, if the individual has no cash.

Conditions of bankruptcy

Initiate the procedure for recognizing the insolvency of an individual in the following cases:

• the amount of debt is 30 or more minimum wages;
• loans are not repaid for two months by more than 50%;
• the individual has no property 
• there are circumstances that confirm his insolvency.

Counseling, what do you get?

Recognition of FLP bankruptcy gives:

• favorable restructuring of the debt or reduction of its amount;
• cancel all debts except for mandatory payments - alimony, compensation for damage to health;
• termination of accrual of fines;
• write-off of tax liabilities;
• non-accrual of interest, penalties;
• removal of seizure of property. 

In such situations, it is important to seek timely assistance from legal experts. Lawyers of the company "Legal Solutions" will conduct a consultation on the bankruptcy of an individual in due time, observing the principles of confidentiality and legality. Comprehensive approach of the lawyer will help to minimize losses and save the necessary property.

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