The most important thing about the bankruptcy lawyer
What services does a lawyer for insolvency law?
A lawyer specializing in insolvency law first checks whether a debt reduction is possible without bankruptcy proceedings and tries to reach an out-of-court settlement with your creditors.
And how does a lawyer help me in the event of bankruptcy?
If the agreement with your creditors fails, the insolvency lawyer will issue you with a corresponding certificate, which you will need to file for bankruptcy. He will also support you with this application and clarify the pitfalls as well as your rights and obligations during the bankruptcy.
What makes a good bankruptcy lawyer?
A good bankruptcy and debt attorney will have appropriate expertise in this area of law and will have experience in a wide variety of related litigation. Therefore, pay attention to the specialization of the lawyer.
What kind of support does a bankruptcy lawyer offer?
At the latest when someone gets into over-indebtedness or bankruptcy, the person concerned needs professional help to escape this debt trap.
This risk of bankruptcy does not only exist when huge business sums of money have been traded beforehand. Private households also repeatedly fall into the debt trap. In such a case, portfolio recovery lawsuit may help via an expert personal bankruptcy lawyer, check portfolio recovery lawsuit details here.
A lawyer for insolvency works out an individual solution for each of his clients, which fits exactly to their economic and personal situation and is best suited in each case to reduce the debt.
Below is a brief overview of the services that a bankruptcy lawyer can provide:
Individual as clients
- Debtor and bankruptcy advice
- Debt settlement plan
- Out of court settlement with the creditors to avoid bankruptcy proceedings
- Filing for personal bankruptcy
- Advice on rights and obligations during consumer bankruptcy
Company as a client
- Bankruptcy advice
- Corporate restructuring
- Protective shield proceedings
- Checking whether there is an obligation to file for bankruptcy
- Filing for bankruptcy
- strategic advice before and during corporate bankruptcy
A lawyer specializing in bankruptcy law can help with private debts
Consumers who can no longer pay their debts must expect their creditors to obtain an enforcement order and then to initiate foreclosure. Or they suddenly have to deal with a debt collection company. This causes additional costs and thus increases the debt.
In such cases, sometimes the only thing that helps is personal bankruptcy, which results in a ban on enforcement for the creditors and protects the debtor against enforcement measures. An accomplished attorney or specialist lawyer for bankruptcy law is of great help. He sometimes even manages to reach a settlement with the creditors and thus avoid bankruptcy and further enforcement.
A lawyer for insolvency knows exactly what the insolvency proceedings must be ensured. He will work out a debt settlement plan with you and explain to you all the rules, duties and obligations associated with personal bankruptcy. Because only with the correct behavior of the debtor can a private bankruptcy start over with discharge of residual debt.
In case of bankruptcy to the lawyer: Also advisable for entrepreneurs
An insolvency lawyer also helps employers, i.e. companies that can no longer free themselves from the debt trap on their own. Those who seek advice from an insolvency lawyer in good time before a possible bankruptcy proceeding protect themselves against unnecessary mistakes and may even save their company from final bankruptcy with the help of protective shield proceedings or self-administration.
But where can you find the right insolvency lawyer? In addition to searching the Internet, use the information provided by the local bar association. Especially in complex and difficult cases, it is advisable to entrust yourself to an experienced and specialized lawyer for bankruptcy.
Personal bankruptcy: Which assets are seized?
Private insolvency ensures that a debtor is debt-free again thanks to the discharge of residual debt after a maximum of six years of good behavior. Until then, however, it is a long and hard way.
The debtor not only has to follow strict rules; he is also obliged to give up part of his assets. This happens in the actual bankruptcy proceedings. The attachable property is realized and this money is then used to pay the procedural costs incurred and to satisfy the creditors.
Many debtors ask themselves before a personal bankruptcy: “What can I keep?” The same rules apply to the realization of the property as to the seizure. These are subject to cash, account balances and securities, among other things.
Certain objects of value, such as expensive electrical goods, jewelry and antiques, fall under the seizure. However, the following items are usually not attachable:
- Wedding ring
- Clothing (except valuable fur coats)
- usual furniture (not luxury goods)
- Household items (e.g. refrigerator, washing machine, vacuum cleaner)
- TV (insofar as it cannot be considered a luxury item)
- Things that are needed for professional activity
Can I keep a house or an apartment in the event of personal bankruptcy?
When debtors ask themselves “What can I keep?” With regard to personal bankruptcy, then it is often about real estate. These often represent the largest part of a person’s assets. Are debtors allowed to keep an apartment or house in the event of personal bankruptcy?
First of all, the following must be observed: Real estate is not subject to any special protection, so it can generally be used. This takes place in the context of a foreclosure auction. If the apartment or house has already been paid off, it is very likely that there will be a foreclosure auction.
However, if the property has high debts or if the sale is not worthwhile for other reasons, insolvency administrators generally refrain from realizing it.
Can I keep my car in the event of personal bankruptcy?
Can I keep my car in the event of personal bankruptcy? Again, this is a question that worries many debtors. In principle, motor vehicles also fall into the bankruptcy estate – they can therefore be disposed of.
However, under certain conditions, debtors can keep their car in the event of private bankruptcy:
- When it is needed to run the job.
- When the car is needed to get to work and public transport is not available.
- When the debtor needs it to cope with everyday life due to a disability.
Many debtors also ask themselves the following question: “Can I keep my cell phone contract in the event of personal bankruptcy?” Most mobile phone providers contractually stipulate that they have a special right of termination if the customer files for bankruptcy. This is how you protect yourself against payment defaults. It is therefore to be expected that debtors will lose their cell phone contract.
In the case of personal bankruptcy: How much wages can I keep?
If debtors ask themselves the question “What can I keep?” With regard to personal bankruptcy, it is also a question of income. During the conduct of business phase, those affected are obliged to hand over the attachable part of their income to the insolvency administrator.
But how much money can you keep in personal bankruptcy? So that the debtor has enough money left over to earn his living, he may keep the amount that is below the exemption limit applicable to him. How high this depends on the one hand on his net income. On the other hand, it is important how many people he has to pay maintenance.
Would you like, “What am I allowed to keep the reward?” Answer in personal bankruptcy the question, have a look in the attachment table throw. The exemption limits to be observed are listed there.