First and foremost, the first advantage of consumer bankruptcy should be the ability to stop all debt litigation, as well as bailiff enforcement and penalty interest charges. In addition, the size of the liabilities is irrelevant, nor is the length of time that they have been in default. It should also be remembered that in..
Category: Bankruptcy
What does consumer bankruptcy entail?
Consumer bankruptcy is a way to free yourself from debt. It is used by insolvent people who are unable to repay their loans and credits. Consumer bankruptcy is a way to free yourself from debt. It is used by insolvent people who are unable to repay their loans and credits. In the bankruptcy process, the..
What are the downsides of declaring consumer bankruptcy?
The biggest downside is the loss of rights to one’s property. All real estate and valuable movable property shall be used to settle the debt. Moreover, it is very common for the trustee to seize part of the salary. Thus, the debt is not only paid from all the debtor’s assets, but also without his..
How much does it cost to declare a company bankrupt?
The first cost in the process of declaring a company bankrupt is a court fee of PLN 1,000 on the company’s bankruptcy petition. This fee must be paid to the bankruptcy court’s account even before the bankruptcy petition is filed, and proof of the transfer is attached to the bankruptcy petition itself. The bankruptcy petition..
What happens to debts after bankruptcy?
Once bankruptcy is declared, creditors can only pursue their claims against the debtor through bankruptcy proceedings anymore. The debtor’s assets, including those acquired by the bankrupt during the bankruptcy proceedings, become the bankruptcy estate, the purpose of which is to satisfy creditors. In practice, not every entrepreneur can declare bankruptcy. This is because it is..
What gives a company bankruptcy?
When a company is declared bankrupt, there is a need to identify and release assets to the trustee. This obligation also applies to all documents that relate to the bankrupt’s activities, assets and accounts. In addition, the bankrupt or the body representing him is obliged to provide the trustee and the judge-commissioner with explanations of..
What happens when a company declares bankruptcy?
Bankruptcy of a company is the inability to pay its obligations to creditors. In accordance with the presumption indicated in the Law of 28.02.2003. Insolvency law, insolvency occurs if the delay in the performance of monetary obligations exceeds three months, counting from the date of payment of obligations Debtors – legal persons or organizational units..