When declaring bankruptcy, you should take into account that all your assets will be liquidated., i.e. sale, and the funds that will be obtained in this way will be used to cover the costs of bankruptcy proceedings and satisfy the claims of creditors. The sale concerns in particular real estate owned by the debtor. We often come across the view that people interested in bankruptcy are convinced that it is impossible to sell a share in real estate or have heard the view that the trustee is obliged to provide the bankrupt with alternative premises.
It should be clearly stated that shares in real estate they are subject to normal turnover and there are no contraindications to their sale, especially during bankruptcy proceedings. As for the second belief, it should also be pointed out that it is incorrect. No regulations oblige the trustee to do so, because after the sale of the bankrupt's real estate, he provided some kind of replacement premises.
Losing a house or apartment is a serious blow and yet another problem to worry about, keeping people in debt awake at night. The obvious and understandable approach is the desire to keep the property at all costs. This is often the reason why people in debt delay declaring bankruptcy and, wanting to keep a roof over their heads, fall into a debt spiral. During bankruptcy proceedings, you should expect certain restrictions and adjust your expenses to the income that will be at the bankrupt's disposal, because part of the income may be seized for the property of the bankruptcy estate.
Experiencing the loss of a home or apartment and facing the necessity of renting another place, while limiting the income received, the whole situation seems extremely difficult and gives rise to many negative emotions. Nevertheless, there are regulations that will make it much easier for you to rent another place. The legislator has provided for the possibility of separating the funds obtained from the sale of the property in which you live during bankruptcy proceedings, funds for renting another apartment in the same or neighboring town for a period of up to 24 months.
To receive such funds, it is necessary to submit an application and provide appropriate justification. We will be happy to support you in these steps to ensure your peace of mind.
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