23/02/2023
Stages of bankruptcy of an individual
The bankruptcy procedure involves going through several stages.
At the place of residence, the debtor must personally submit an application to the economic court.
A case for insolvency of a physical person is opened.
A bankruptcy trustee selected by automatic selection method will be responsible for the sale of the bankrupt's property.
Approving and studying a restructuring plan for a period of five years (if the mortgage is being considered, then for up to fifteen years);
If the restructuring plan is not coordinated with the court or creditors, it is ignored, not implemented, then the debtor is not declared bankrupt.
The bankruptcy procedure is about eight months in time, but if restructuring is needed to restore the client's solvency, then the time frame can be from five to fifteen years. The costs that can make up the price of bankruptcy include: the salaries of the bankruptcy trustee, the services of a lawyer (by arrangement), notary services for registration.
