Bankruptcy of an individual in Ukraine

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Симиренко Ганна

Lawyer

Ukraine / Kyiv

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Publication date: 06.07.2024

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Bankruptcy of an individual in Ukraine

Bankruptcy of an individual is a complex and multi-step procedure that allows debtors to solve their financial problems in a legal way. In Ukraine, this procedure is regulated by legislation that defines the procedure and conditions for declaring a natural person bankrupt. In this article, we will consider the main aspects of bankruptcy of individuals in Ukraine, the role of lawyers and advocates in this process, as well as the cost of legal services.

Grounds for bankruptcy of an individual 

Inability to repay debts: A person cannot fulfill his obligations to creditors within two months.

Indebtedness: The amount owed to creditors exceeds 30 minimum wages.

Existence of executive proceedings: Executive proceedings have been opened against the person, but their execution did not lead to repayment of debts.

The role of lawyers in the bankruptcy procedure of individuals

The bankruptcy procedure of an individual is complex and requires professional legal support. Bankruptcy lawyers provide advice and assistance at all stages of the process.Basic services of bankruptcy lawyers

1. Bankruptcy consultation: Legal advice on bankruptcy issues includes an analysis of the debtor's financial condition, an assessment of the prospect of declaring bankruptcy, and the development of a strategy for exiting the financial crisis.
    
2. Preparation of documents: Lawyers help prepare the necessary documents for filing bankruptcy, including a statement to the court, a list of creditors, a description of property, etc.
3. 
   Representation of interests in court: Personal bankruptcy lawyers represent the client's interests in court, providing legal protection and support during the entire bankruptcy process.
4. 
   Interaction with creditors: Bankruptcy lawyers organize negotiations with creditors, help to reach agreements on debt restructuring or settlement agreements.
5. 
   Control over the execution of court decisions: Lawyers monitor the execution of court decisions related to the distribution of the debtor's property and the satisfaction of creditors' demands.

The cost of personal bankruptcy services

Bankruptcy of individuals - the price of procedures depends on many factors, including the complexity of the case, the amount of debt, the number of creditors and other circumstances. On average, bankruptcy of individuals in Ukraine can cost from 10,000 to 50,000 hryvnias or more. The cost of legal services includes consultations, preparation of documents, representation in court and other types of legal assistance.

Turnkey bankruptcy of individuals

Some law firms offer a "turnkey personal bankruptcy" service, which includes a full range of bankruptcy legal services, from consultation to completion of the bankruptcy procedure. This allows the debtor to get all the necessary help in one place, which simplifies the process and ensures an effective result.

Bankruptcy lawyer

A bankruptcy attorney is a key professional who provides legal support to individuals and businesses in the bankruptcy process. In Ukraine, bankruptcy lawyers help debtors to solve financial problems, protect their rights and interests, and also ensure that the procedure complies with the law. In this section, we will consider the main functions and role of a bankruptcy lawyer in Ukraine.

The role of a bankruptcy attorney

A bankruptcy attorney plays an important role in the bankruptcy process, providing legal support and guidance at all stages of the process.The main tasks of a bankruptcy attorney include:

1. Consultation and assessment of the situation: The first step is to provide a bankruptcy consultation, during which the lawyer assesses the client's financial condition, analyzes his debt and develops a strategy for exiting the crisis. Bankruptcy legal advice helps the client to understand the possible solutions to the problem and choose the best way.
2. 
   Preparation of documents: The lawyer helps the client collect and prepare all the necessary documents for filing a bankruptcy petition. This includes drawing up an application, preparing a list of creditors, a description of the debtor's property, financial reports and other necessary documents.
    
    
3. Interaction with creditors: A lawyer organizes negotiations with creditors, helping to reach agreements on debt restructuring, settlement agreements or other forms of dispute resolution. This allows you to minimize the negative consequences for the client and find a compromise solution.
4. 
   Monitoring and control: After the court decision is made, the lawyer monitors the fulfillment of all conditions and decisions related to bankruptcy. It ensures the proper execution of court decisions, the distribution of the debtor's property, and the satisfaction of creditors' demands.
5. 
   Protection of client rights: A bankruptcy lawyer ensures the protection of the client's rights at all stages of the procedure.This includes representation of interests in court, participation in inspections and audits, resolution of disputed issues with creditors and other interested parties.
    

Advantages of contacting a bankruptcy attorney 

There are a number of benefits to hiring a bankruptcy attorney, including:

1. Professionalism and experience: Bankruptcy lawyers have in-depth knowledge in the field of bankruptcy and considerable experience in solving similar cases. This allows them to effectively protect the client's interests and achieve positive results.
2. 
   Reducing stress and risks: Bankruptcy proceedings are difficult and stressful for the debtor. A lawyer helps to reduce this stress by taking over all the legal aspects of the process and ensuring that the client is protected from possible risks and mistakes.
3. 
   Effective problem solving: Thanks to the professional help of a lawyer, the client can effectively solve his financial problems, avoid unnecessary costs and losses, and also ensure proper protection of his rights and interests.
4. 
   Saving time and resources: A bankruptcy lawyer helps the client to quickly and efficiently go through all stages of the bankruptcy procedure, saving time and resources that can be spent on other important matters.

Bankruptcy assistance

Bankruptcy assistance is a set of services provided by attorneys and lawyers to ensure the effective and legal passage of the bankruptcy procedure of an individual. This process includes various stages and aspects, from the initial consultation to the completion of legal proceedings and enforcement actions. Below we will consider the main areas of assistance in bankruptcy.

Basic bankruptcy assistance services

• Initial bankruptcy consultation: The first step is an initial bankruptcy consultation, where the lawyer assesses the client's financial situation, analyzes the debt and develops a strategy for getting out of the financial crisis. This allows the client to understand all possible solutions to the problem and choose the most optimal way.
• Analysis and planning:
  A bankruptcy lawyer helps to draw up a detailed action plan, which includes debt analysis, asset evaluation, identification of potential risks and development of a strategy for debt repayment or restructuring of liabilities.
• Escort in court: A bankruptcy lawyer represents the client's interests in court, protects his rights and ensures the correct application of the law. This includes submission of necessary evidence, participation in court sessions, preparation of procedural documents.
• Negotiations with creditors: Bankruptcy lawyers organize and negotiate with creditors, helping to reach debt restructuring or settlement agreements. This allows you to reduce the financial burden on the debtor and find a compromise solution that will satisfy all parties.
• Monitoring and control of execution of court decisions: After the court decision is made, the lawyer monitors the fulfillment of all conditions and decisions related to bankruptcy. It ensures the proper execution of court decisions, the distribution of the debtor's property, and the satisfaction of creditors' demands.
   

Advantages of professional assistance in bankruptcy

1. Efficiency and professionalism: Turning to specialists ensures high-quality service provision, effective problem solving and a professional approach to each case.
2. 
   Protection of rights and interests: Personal bankruptcy attorneys protect the rights and interests of the client at all stages of the procedure, minimizing risks and ensuring a fair result.
   Minimizing stress and financial losses:
   Bankruptcy proceedings can be stressful and difficult for a debtor. Professional help can reduce stress and avoid unnecessary financial losses.
3. 
   Saving time and resources: Bankruptcy lawyers help to quickly and efficiently go through all stages of the bankruptcy procedure, saving the client's time and resources, which can be spent on other important matters.
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