Category: Bankruptcy

Alternatives to consumer bankruptcy

Faced with financial difficulties, many people are considering using consumer bankruptcy as a last resort to resolve their debt problems. However, it is worth considering other options that can be just as effective, while being less burdensome for the debtor. Key findings: Consumer bankruptcy is not the only way out for debtors. There are alternative..

Entrepreneurial bankruptcy and restructuring: Key information

Entrepreneurial bankruptcy and restructuring are two fundamental processes in business life that can determine the future of a company. Understanding these processes, their differences, opportunities and consequences is crucial for any entrepreneur. In this article, we will discuss in detail both of these processes, their importance, procedures, as well as potential effects on the company..

Consumer bankruptcy: A step-by-step guide

Consumer Bankruptcy: A Step-by-Step Guide – Consumer bankruptcy is a legal process designed for people who find themselves in a situation where they are unable to pay their debts. In Poland, the process is governed by bankruptcy and restructuring laws, and its purpose is to enable debtors to solve their financial problems and ensure that..

What are the benefits of using consumer bankruptcy?

Debt relief and mental comfort new start for people who are struggling with debt restoration of normal living conditions Suspension of debt collection (pre-court), court and enforcement proceedings the course of accrued interest is stopped, that is, the debt does not increase in the event of the sale of an apartment or house by the..

Who can file for consumer bankruptcy?

An individual who is not engaged (at the time of application) in business – including one who has closed a business. A businessman can also declare consumer bankruptcy if he terminates his business early enough. Then the entrepreneur will become a consumer and can file for bankruptcy. After the court closes the proceedings, the debtor..

How long is the bankruptcy petition pending ?

According to the regulations, a consumer bankruptcy petition should be processed up to 30 days after it is filed, but, as practice shows, it usually takes longer. This means that in some justified situations the Court may exceed this deadline. This will be the case in several instances, and to name just a few: 1.formal..

Who can’t declare consumer bankruptcy?

First and foremost, legal entities such as companies, organizations, foundations or local government units cannot declare consumer bankruptcy. There are separate procedures for them.Also, personal bankruptcy is not available to people who have tried to abuse this institution, primarily: 1.concealed income or assets, 2.concealed creditors and the amount of debt, 3.have means and income sufficient..

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