BANKRUPTCY OF AN INDIVIDUAL ✅ DEBTOR`S PROTECTION ✅ SERVICES

Signing an agreement with a lawyer to further familiarize himself with the documents necessary to determine the possibility of declaring a person bankrupt. After analyzing the documents, the lawyer makes a legal opinion on the basis of the legislation in force regarding the possibility of bankruptcy proceedings with the client.

The lawyer describes the circumstances of the case, makes the legal and regulatory reasoning, analyses the jurisprudence and prepares the statement of claim, and, if necessary, draw up requests for counsel in order to obtain additional evidence of the client’s insolvency.

When submitting an application to the court, the lawyer explains to the client how to make into the deposit account of the court the remuneration of the restructuring manager for 3 months of authority (approximate cost - 35,000 UAH). The lawyer sends the claim to the court, supervises the legal process and represents the client’s interests in court by the time the court appoints the arbitration manager for the case. The maximum number of visits connected with representation of the client’s interests in court is 5, each subsequent visit is paid additionally.

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Bankruptcy of individuals in Ukraine

Bankruptcy is the recognition of a person as insolvent, which entails the write-off of debts that he cannot pay. The bankruptcy procedure is preceded by the process of description and sale of existing property.

When you need legal help during bankruptcy, specifics

Bankruptcy lawyers immediately clarify the situations in which this procedure will be beneficial at the first consultation with the client. In addition, attention is focused on debt restructuring processes. As a result, the debtor is declared bankrupt by the court and the debt repayment procedure is carried out. The Personal Bankruptcy Law applies to people who:

● They are in a difficult situation and do not have the financial ability to pay their debts.

● They lost their earnings to pay off debts and support their families.

● They have debt from a mortgage loan in a foreign currency, while the loan is secured by a single home.

● Have overdue debts to legal entities or individuals. This can also include loans taken from financial institutions, the debt must amount to a certain amount.

Personal bankruptcy services may be of interest to citizens who cannot pay loans and other scheduled payments in the amount of more than 50% within 2 months.

It is important to pay attention to those debts that cannot be written off, they include:

● Debts for the single social contribution, i.e. payments accrued to the Social Insurance Fund. Usually, such debt arises from individual entrepreneurs.

● Debts accrued in favor of compensation, for example, to a person whom the debtor has harmed.

● Alimony.

Bankruptcy of individuals in Ukraine: advantages

Bankruptcy of individuals in Ukraine is a procedure used by many citizens. This is an opportunity to restore the financial situation and get rid of debts. The main advantages of the bankruptcy procedure are as follows:

● If there is a mortgage loan in foreign currency, it is converted into hryvnia at the rate of the National Bank of Ukraine. At the same time, the course that was in effect at the time of submitting the application to the court is taken into account.

● The price of loans in financial institutions changes, especially for mortgages. Its value is recalculated according to the market price of real estate, which is usually much lower.

● The bankruptcy procedure provides that debts that have not been discharged due to insufficient assets are considered discharged as soon as the bankruptcy court case is opened.

● Due to the debtor's insolvency, fines, interest on financial obligations, penalties, etc. cease to accrue.

● When the court makes a decision that the applicant is bankrupt, the individual must know that the inflation index is not used for the entire period of delay. Seizure of property and other restrictions on the debtor are imposed only by the court. The debt restructuring procedure involves writing off part of the debt and postponing the fulfillment of obligations for the period during which an individual can repay them.

In any case, if a person no longer needs help in bankruptcy because he is not satisfied with the restructuring plan proposed by the creditors and the receiver, it can always be refused. Then the case is closed and the bankruptcy stage begins. As for tax payments and fees, when an individual is declared bankrupt, the debts are considered bad and written off.

How personal bankruptcy lawyers work

First of all, bankruptcy lawyers analyze the current situation. If working with the client for a positive result is possible, a contract for legal services is concluded. In this way, the lawyer gets the right to further deal with the documents and represent the client's interests in court. Before a bankruptcy attorney can actually get down to business, he or she will need some documents:

● Passport.

● TIN

● Documents confirming the absence or presence of the status of an individual entrepreneur.

● In the list of creditors, it is important to indicate the total amount of monetary claims.

● Documents confirming the right to property, which the client has of the property, as well as their copies.

● Documents confirming that the client has made transactions with the property in the last year. It can be statements from the bank, where the movement of funds is indicated.

● If the bankrupt has an employment book, then its copy.

● Documents confirming the absence or presence of an outstanding criminal record for economic crimes.

Next, help in the bankruptcy procedure turns into the stage of preparing documents that certify insolvency. The lawyer helps the client to fill out the declaration in accordance with the current requirements - approved by the state bankruptcy authority. After that, the lawyer will file a statement of claim, describing the circumstances of the case. The document is prepared on the basis of current legislation and court practice. If necessary, the lawyer sends additional requests.

If the lawyer's specialty is bankruptcy, before filing a claim, the client will be told that he needs to deposit the restructuring manager's fee into the court's escrow account. The amount is paid in about 3 months, usually around UAH 35,000. Only after that you can send a lawsuit to the court. The lawyer takes over the right to control the legal process until the arbitration manager is appointed. The number of submissions in court is standard - 5 times, subsequent visits are paid additionally.

Bankruptcy of individuals: legal services in Ukraine

If you are interested in the bankruptcy of individuals, you can order the services of an experienced lawyer through our online service. We suggest you download the program, which will open access to the database of experienced specialists and the opportunity to quickly contact them. For individuals, the price for bankruptcy is indicated on the page of our website, you can find out all the details of consultation and cooperation directly from the lawyers.