the legislature since 1999 are over-indebted individuals the opportunity to personal insolvency (personal bankruptcy) to register. There are two Insovenzarten, the rule of insolvency and personal bankruptcy.
The debtor should take a lawyer who is specialized for this. He hands the documents the bankruptcy court, and there shall review the Insolvenzart for the debtor is accurate.
Does the bankruptcy court, the insolvency proceedings and conduct of phase begins and lasts for 6 years. In this phase, the participation of the debtor's obligations. This includes, to seek work, who has no record and no new debt. The assigned administrator informed the debtor of his rights, but also about his duties. This should be taken very seriously. Who is destitute, has no panic in fear of costs. Who has nothing can give nothing. The prosecutor has the option of the money to get from the state treasury.
The bankruptcy process proceeds in several steps:
First, the debtor must establish a debt settlement plan and try some out of court with the creditors on debt repayment.
rejects a creditor from the plan of service or is there more to foreclosure, then the debt settlement plan deemed to have failed.
the simplified insolvency procedure (personal bankruptcy), the process is open and by publication announced.
After deduction of legal costs recovered the attachable property of the debtor and distributed to the creditors. This is done by a trustee used. He created the insolvency table in which all debt levels are included with demand reasons and manages the assets of the debtor.
goal is personal bankruptcy, to get at the end of the period of good conduct, a residual debts. The conduct of phase lasts 6 years and follows on after the opening of insolvency proceedings. In this time, the Creditors, the attachable part of his income and half of it randomly assign final inheritance to the trustee. This is money by the rates of insolvency table next to the creditors. If the conduct of phase expires, the debtor may request the remaining debts.
Creditors may request the appointment in the final refusal of the remaining debts. For this reason they must produce under § 290 Insolvency Act.
reasons that are a residual debt is not justified, for example:
-false statements about economic Conditions, designed to obtain services, loans or payments
-unnecessary squandering of assets and liabilities
-infringement of information and cooperation obligations, etc.
If no such request is being made, the court announced to the remaining debts. The process is then reversed when, after the closing date (when) existing ground is broken. And in the end, the debtor may assign his life again.
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