A new look at personal bankruptcy – The need for a law on personal bankruptcy brewing for the past ten years in connection with a consumer boom that took just catastrophic proportions . Today credit is purchased everything: starting with the cheapest home appliances or a new car prestigious brands and real estate.
However, take a loan is often easier than to make regular payments on it . As a result, for some citizens debt became a real trap from which there is no escape . And those outputs that are offered ” compassionate ” financiers , only more deeply drawn into the quagmire of credit . Banks have lost hope to return loan funds , selling debt collectors , and those in turn are making every effort to turn the life of the debtor’s real hell . Do not help and litigation that can drag on for years or make standard solutions from which no good to anyone .
Paradoxically , but in bankruptcy , it may be his only saving way out of the vicious circle of credit nightmare. Bankruptcy law a private person – it does not attempt to find a way to advance to refuse performance of its debt , and the way that can help the borrower to deal with unaffordable payments for him . Law stipulates the amount of debt that the borrower must have to apply to him the action procedures of personal bankruptcy .
Next judiciary will be a detailed analysis of each situation , determine the reasons for which a debt . Able to initiate the procedure , the lender and the borrower . Bankrupt status will indicate that the debtor all the forces eager to repay their debt , but does not have this capability. After considering all the details of the case and award a civilian status bankrupt , its debt will be restructured so that he could repay some of the debt over the next five years.
Restructuring will be carried out on the basis of certificates of real income of this citizen , and will not in any way take into account the wishes of the creditor. According to the law on bankruptcy debtor can really pay off part of its commitment , the rest will be written off simply . Law stipulates that all attempts of fraudulent use of personal bankruptcy procedure will be severely punished enough . It should be borne in mind that in addition to the debtor’s income for the payment of its debts and can go all the valuable property that it has .
For a start will be made an inventory , and then score . All liquidity and sufficiency of value from the point of view of the law , the property will be sold by auction and the proceeds will be used to collect a debt . However, in these articles , there are restrictions , they relate to a single property of the debtor, plot of land in his possession, personal belongings and other household items , if their value does not exceed the limits specified by law .
Most disagreements arose over the sole property of the debtor. Question that only housing may be not only a standard apartment in a building , but also luxury apartments lined credit funds in the exclusive area . Most likely , the concept of a single property will be reviewed in terms of living space limitations within the modern standards. And yet, not only the recognition of a bankrupt debtor to relieve excessive burden of its debt obligations , but also leave its mark on his future activities .
Over the next five years will not be allowed to take the bankrupt loans and loans no matter where it was , otherwise he will face criminal prosecution. He just will not be able to engage in business and to be in leadership positions. By the way , the law stipulates that a bankrupt can not be considered a pregnant woman or mother of a child under the age of three .
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