What rights do my creditors have during the insolvency proceedings?
July 6, 2023 | 30,00 EUR | answered by Helma Beck
Dear Lawyer,
I recently filed for bankruptcy and I am not sure what rights my creditors have during the bankruptcy process. I have already researched the bankruptcy law, but I still have some uncertainties.
My situation is as follows: Due to financial difficulties, I was unable to pay off my debts and had to file for bankruptcy. I am currently in a bankruptcy proceeding and trying to organize my financial chaos.
My concerns are mainly that my creditors may make excessive demands or act aggressively towards me during the bankruptcy process. Additionally, I fear that my creditors may try to seize my assets or put pressure on me.
Therefore, it would be very helpful for me to know what rights my creditors have during this time and how I can best protect myself from potential problems. Are there specific regulations or rules that my creditors must follow? Are there ways for me to defend against excessive demands or unfair practices by my creditors?
I hope you can help me with these questions and provide possible solutions. Thank you in advance for your support.
Sincerely,
Valentina Witzelmann
Dear Mrs. Witzelmann,
I understand your concerns regarding your creditors during the ongoing insolvency proceedings and will do my best to provide you with clarity on their rights and possible protective measures.
First and foremost, it is important to know that creditors have certain rights during insolvency proceedings, which are regulated by insolvency law to protect both your interests as a debtor and the rights of the creditors.
During the insolvency proceedings, creditors have the right to file their claims and participate in the insolvency process. They have the right to receive information on the status of the proceedings and to raise objections if necessary. Additionally, creditors can assert claims and try to recover their money within the insolvency process.
However, there are also clear regulations that creditors must adhere to. For example, creditors are not allowed to seize your assets or pressure you independently during the insolvency proceedings. If you feel that a creditor is making excessive demands or using unfair practices, you have the option to defend yourself against it.
You can, for example, contact your insolvency administrator or your relevant insolvency court and file a complaint against the behavior of a creditor. The court will then assess whether the creditor's claims are justified and whether they have followed the rules of the insolvency process.
It is important that you also know your rights as a debtor during the insolvency proceedings and insist that they be respected. You have the right to adequate advice and support from your insolvency administrator and should not hesitate to seek help in case of uncertainties or problems.
I hope this information helps you and gives you some more security in this difficult time. If you have any further questions or need assistance, I am at your disposal.
Best regards,
Helma Beck
Lawyer specializing in insolvency law
