How long does a bankruptcy procedure typically take?
January 25, 2024 | 40,00 EUR | answered by Erwin Hausdorf
Dear Sir/Madam Attorney,
My name is Hilde Wunderlich and I am facing the difficult situation of having to file for bankruptcy. I am a single parent with two children to care for, so I am very concerned about our financial future. My debts have accumulated over the past years, and I see no way of being able to handle them on my own.
My question to you is, how long does a bankruptcy proceeding usually take? I am worried that it could take too long and that my children and I will struggle to get by during that time. I have heard that bankruptcy proceedings can often last for years, and that scares me.
Are there ways to expedite or shorten the process? What steps do I need to take in order to do so? I would like to make a fresh start as soon as possible and become financially stable again, in order to provide well for my children.
Thank you in advance for your help and support.
Sincerely,
Hilde Wunderlich
Dear Ms. Wunderlich,
Thank you for your message and your trust in my expertise in the field of insolvency law. I am sorry to hear that you are in a difficult financial situation and need to file for insolvency. I understand your concerns about the future of your children and will do my best to assist you with your questions and concerns.
Regarding the duration of an insolvency procedure, I can inform you that the length of the process depends on various factors. Typically, an insolvency procedure in Germany lasts between three and six years. During this time, your financial circumstances will be reviewed, your creditors satisfied, and a possible discharge from residual debts procedure carried out. It is important to note that the duration of the process also depends on how well you cooperate with the insolvency administrator and how complex your financial situation is.
However, there are ways to expedite or shorten the insolvency procedure. One option is to attempt an out-of-court debt settlement process before filing for insolvency. In this process, you work together with a debt advisor or lawyer to reach an agreement with your creditors to reduce or defer your debts. If successful, you may be able to avoid filing for insolvency or shorten the process.
Another step to shorten the insolvency procedure is to submit all necessary documents and information promptly and completely to the insolvency court. The faster all necessary steps are taken, the sooner the process can be completed.
It is important that you stay well-informed and seek advice throughout the entire process. An experienced insolvency lawyer can help you take all necessary steps and protect your rights. Together, we can develop a strategy to make the process as efficient as possible and facilitate a fresh start for you and your children.
If you have any further questions or need assistance, please do not hesitate to contact me.
Sincerely,
Erwin Hausdorf, Attorney at Law
