How long does a bankruptcy procedure typically take?
May 31, 2022 | 40,00 EUR | answered by Emma Fischer
Dear bankruptcy attorney,
My name is Leonie Hagedorn and I am currently facing the difficult situation of having to deal with my bankruptcy. Due to economic difficulties in my company, I have decided to file for bankruptcy. Now, I am wondering how long a bankruptcy proceeding typically lasts and what steps I will need to take.
I have no prior experience with bankruptcy proceedings and I am concerned about the duration and process of the proceeding. I am wondering how long I will be involved as a debtor in this process and what consequences this will have for me and my company. Additionally, I am worried about potential impacts on my personal financial situation and the future of my company.
Could you please provide me with more information on how long a bankruptcy proceeding typically lasts and what factors can influence the duration? Are there ways to expedite or delay the process? What steps do I, as a debtor, need to go through during the proceeding and what support can I seek during this difficult time?
I appreciate your help and support in addressing my questions regarding the bankruptcy proceeding.
Sincerely,
Leonie Hagedorn
Dear Mrs. Hagedorn,
Thank you for your inquiry regarding the insolvency proceedings. It is understandable that you are in a difficult situation and are concerned about the process and duration of the proceedings. I am happy to provide you with detailed information regarding your questions.
The duration of an insolvency proceeding can vary depending on individual circumstances. In general, a regular insolvency proceeding for consumers in Germany lasts between six and twelve months. For a regular insolvency proceeding for companies, the duration can be significantly longer, typically between three and five years. The exact duration depends on various factors, such as the complexity of the case, the number of creditors, the amount of liabilities, and the cooperation of all parties involved.
However, there are ways to expedite the process, such as providing all necessary documents and information in a timely and complete manner, cooperating with creditors, and supporting the insolvency administrators. On the other hand, delays can occur if, for example, objections are raised against the insolvency table or disputes arise with creditors.
As a debtor, you will need to go through various steps during the insolvency proceedings, such as making a sworn statement, preparing an overview of assets, satisfying creditors, and submitting an insolvency plan (if necessary). It is important that you take the requirements of the process seriously and carefully follow all necessary steps to make the process as smooth as possible.
During this difficult time, there are various ways you can seek support. It is advisable to consult with an experienced insolvency lawyer early on, who can advise and represent you throughout the process. Additionally, there are counseling centers and organizations that provide support for people in insolvency and can help you manage financial problems.
I hope that this information is helpful to you and gives you a better overview of the process and duration of insolvency proceedings. If you have any further questions, I am happy to assist.
Sincerely,
Emma Fischer
Insolvency Lawyer
