Personal bankruptcy | First Debt Consolidation
Are you over-indebted, failing to meet your obligations, and do you have an execution against you ? A possible solution for you could be debt relief, also known as the so-called debt relief. personal bankruptcy .
Personal bankruptcy is the way in which entrepreneurs and individuals can dispose of their debts by one of the two forms of law, either in the form of bankruptcy or in the form of an installment schedule.
100% debt relief can be achieved without any property!
Currently, the most favorable conditions are set for debt relief from all over Central Europe. Personal bankruptcy is possible even if you have no assets. As a result, almost everyone can reach it. However, this situation is unsustainable in the long term, so conditions are expected to tighten again. So do not hesitate to miss this unique opportunity to get rid of all your debts and start a new life.
The first debt relief service has been in operation in Slovakia for more than 6 years. We have great experience in debt relief and we can boast thousands of satisfied customers. This allows us to offer very fast, flexible and quality services. We will prepare all the documents within a week!
Do not postpone your problem solving and fill in request online *. The legal aid application will be ready within 7 days.
* Your operator will contact you within 24 hours. It will select the office of the Bailiff’s closest to your residence. We will arrange a free appointment for you to analyze and suggest the best option for debt relief. You will then submit the supporting documents and within 7 days you will have a request for legal aid for personal bankruptcy together with the necessary annexes to the relevant Legal Aid Center.
Conditions of personal bankruptcy
A personal bankruptcy application will be submitted to the Legal Aid Center (CPP). The Legal Aid Center is a state budget organization established by the Ministry of Justice of the Slovak Republic on the basis of Act no. 327/2005 Coll. on providing legal aid to persons in need.
Who is entitled to personal bankruptcy? Below is a list of terms a person must meet:
- You must be insolvent – you must have at least one debt of more than 180 days overdue
- There must be at least one execution proceedings against you
- The amount of your debt must be greater than the value of your assets
- In the event of a bankruptcy, you must return a loan of EUR 500 to the Center for Legal Aid for a period of 3 years after the debt relief is granted, which the Legal Aid Center will provide you with a fee for the administrator
- In the case of a repayment schedule, you must pay EUR 670, – as a reward to the administrator and the designated lawyer
- Within 6 years of permission for debt relief (from court ruling), in the event of a minor inheritance, donation or win from a bet or game, you are obligated to voluntarily offer at least half of that money to creditors to meet unenforceable debt
- You have to have so called a center of major interests , that is, you must have a residence, family, relationships, property, economic and social ties that can be proven
Whether you are entitled to personal bankruptcy and meet the conditions you can verify in our unique bankruptcy calculator.
When is personal bankruptcy the appropriate way to deal with your debt?
Personal bankruptcy is an ideal solution for all those who are unable to pay their debts, whose debts exceed their assets, and the bailiff is conducting execution proceedings against them. By ordering the debt relief court, all court proceedings relating to your debts are brought to a standstill, and at the same time the debt relief is the reason why you can file a motion to suspend executions against you. Obviously we will make the necessary proposals.
Forms of debt relief
Bankruptcy is a form of debt relief for people who have no assets or are willing to give up their assets in exchange for getting rid of their debts.
2) Payment schedule
The repayment schedule is a form of debt relief for people who have property and want to keep it. The monthly income of a person wishing to use the installment plan must be such that, after paying for the basic necessities, he or she is able to pay 110% of the value of his property in installments over a five-year period. During permitting of debt relief in the form of an installment schedule, the so-called protection from creditors, ie executions against the debtor is postponed by law.
Our specialists and lawyers will consider whether it is more advantageous for you to have a bankruptcy or repayment schedule. They will prepare all the documents so that the administrative proceedings before the Legal Aid Center and the court proceedings before the bankruptcy court will be without problems.
The course of personal bankruptcy
Personal bankruptcy has several phases:
- Submission of an application for legal aid for personal bankruptcy together with the necessary annexes to the relevant Legal Aid Center
- Decision of the Legal Aid Center on granting legal aid: ( A) in the event of bankruptcy, the designation of the Bankruptcy Center; (B) in the case of a repayment schedule, the appointment of a lawyer for the preparation and submission of an application to determine the repayment schedule
- Submission to court (electronically), which should decide on the application within 15 days of service
- Court’s decision to grant debt relief , which decision will also be appointed by the trustee (the effects of debt relief are already made by a judicial decision)
- Another course of personal bankruptcy – A) in case of bankruptcy is the realization of the property . If the debtor does not have any assets, the trustee shall notify it in the Commercial Bulletin and the bankruptcy shall be canceled (terminated); B) in the case of a repayment schedule, a five-year period occurs during which the debtor is paying the intended repayment schedule
- Termination of proceedings