How can I get rid of my debts through bankruptcy?
June 19, 2024 | 40,00 EUR | answered by Erwin Hausdorf
Dear Attorney,
My name is Hilde Kleine and I am currently facing a major problem with my debts. Over the past few years, my financial obligations have been piling up, and I no longer see a way to handle them on my own. I have tried negotiating with my creditors, but it seems that the situation is only getting worse.
At the moment, I barely have enough money each month to pay my ongoing bills. The interest and late fees on my debts continue to accumulate, and I see no way out. I am deeply worried about my financial future and wonder how I will ever be able to become debt-free again.
I have heard a lot about bankruptcy law and I am wondering if this could be a way for me to get rid of my debts. However, I have no idea how the bankruptcy process works and what steps I need to take. Could you please explain to me how the bankruptcy process works and whether this could be a suitable solution for my financial problems?
I am willing to do whatever it takes to get rid of my debts and start fresh. Your help and advice would be invaluable to me in this difficult situation. Thank you in advance for your support.
Sincerely,
Hilde Kleine
Dear Mrs. Kleine,
Thank you for your inquiry and your trust in my expertise in the field of insolvency law. I understand how burdensome and frightening it can be to find yourself in a situation with excessive debts, and I would like to help you find a solution to your financial difficulties.
An insolvency procedure can indeed be a way to get rid of your debts and make a fresh start. There are two types of insolvency procedures in Germany: regular insolvency and consumer insolvency. The one that is suitable for you depends on your individual situation.
Regular insolvency is a procedure for self-employed individuals and businesses, while consumer insolvency is intended for private individuals. In your case, consumer insolvency seems to be the appropriate option, as you are a private individual facing financial difficulties.
The first step would be to file an application for the opening of an insolvency procedure with your competent insolvency court. This application must meet certain requirements, such as insolvency or imminent insolvency. After the procedure is opened, an insolvency administrator will be appointed to monitor your financial situation and take over the management of your assets.
During the insolvency procedure, you have the opportunity to apply for debt relief, which allows you to become debt-free after a certain period of time. This process usually lasts three to six years, depending on your individual situation.
It is important to seek advice from an experienced lawyer during an insolvency procedure to ensure that all legal steps are correctly followed and your interests are best represented. I am here to support you and assist you at every step of the process.
Please do not hesitate to contact me to schedule a comprehensive consultation. Together, we will find a solution to resolve your financial problems and make a fresh start.
Sincerely,
Erwin Hausdorf
Lawyer specializing in insolvency law
