Not so long ago, a law was passed that provides an opportunity for any citizen to be declared bankrupt. Individual bankruptcy - cancellation of a citizen's debts to official creditors at https://fcbg.ru/. If a citizen is declared bankrupt, he is completely released from financial obligations, but at the same time receives a number of restrictions.
What is the principle of bankruptcy?
The arbitration court may declare a person who is unable to settle accounts with creditors bankrupt. To do this, the debt must exceed half a million rubles, and the delay in making the payment is 3 months. The initiator of the litigation can be not only the debtor, but also the financial institution that issued the loan. Law No. 127-FZ divides the situation in which the debtor applies to the court. He can do this if he understands that he will not be able to fully pay off the debt at the expense of all his own property. You must apply no later than a month after the conditions for starting the bankruptcy procedure are met.
Benefits and limitations of bankruptcy
Declaring an individual bankrupt allows:
- Stop collecting funds from creditors for monetary obligations;
- Stop the accrual of interest on loans;
- Avoid foreclosure outside the bankruptcy case.
In fact, a citizen gets rid of financial obligations after all his property is sold.
Procedure for filing bankruptcy
You cannot become bankrupt in one day. It can take from two weeks to three months from the moment of filing the application to the verdict of the court. The property will be sold for about six months. In total, after 9 months at least one can talk about declaring a citizen bankrupt. To do this, he must:
- Collect documents. Information about debts, property, etc. At the same time, a citizen must convince the court of his insolvency and back up his words with circumstances that prevent the payment of the debt;
- Submit an application. This must be done at the place of residence. You can also post or online;
- Obtain the implementation of the judgment. There are three ways: debt restructuring, property sale and settlement;
If everything is done correctly, the state and financial organizations will declare the citizen bankrupt and stop prosecuting and collecting debts. This is the point of getting bankruptcy status.
