The mere issuing of a bankruptcy order by the court does not yet mean that the debts have been discharged. In order for your debts to be discharged in bankruptcy proceedings, it is necessary to conduct bankruptcy proceedings, during which the exact amount of your debts as at the date of the bankruptcy declaration is established and your assets are sold. Then, depending on the mode of bankruptcy proceedings, slightly different steps are taken. The majority of bankruptcy proceedings are conducted according to the so-called simplified procedure, in which the trustee prepares a draft plan for repayment of creditors or a proposal for waiver of liabilities without setting up a repayment plan.
It reflects information about the amount of your liabilities, the degree of culpability in the creation of the debt, the manner in which the funds collected during the proceedings for the benefit of creditors are to be divided, and it is also determined to what extent your liabilities are to be written off. However, this is not a binding document for the Court, and you do not have to agree to the trustee's proposal. Importantly, the Court may write off your liabilities without establishing a repayment plan for creditors, or write them off only after you have completed a specific repayment plan. In special situations, the Court may decide on conditional write-off of liabilities, which involves a five-year wait for the actual getting rid of debts. Sounds complicated? And it is for people who do not deal professionally with bankruptcy.
Fight for your future. Let us draw up a position on the draft creditors' repayment plan for you. However, if your proceedings are conducted according to the so-called general procedure - before your liabilities are written off, the trustee will draw up a distribution plan(s) for the funds obtained from the liquidation of your assets. Once these have been executed The court shall declare the termination of the proceedings. To your debts could be written off, it is your responsibility to submit an application for debt relief or to establish a creditor repayment plan within a specified time - do not miss it if you want to be free from debt. With our help you get through this process.
You don't know according to which mode your proceedings are conducted - take advantage of our free consultation to determine this.
Remember that the order on the creditors' repayment plan is subject to a complaint, or even an appeal in cassation. These are avenues you can use if the Court's decision does not properly take into account your financial capacity.
If the problems described above apply to you, do not hesitate to contact us.
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