Bankruptcy of individuals for our country will still remain something new for a long time. Many citizens have not even heard of this. The main reason is that the bill on bankruptcy of individuals was adopted recently. Yes, individuals can be declared bankrupt only from the current year. It should be noted that for our country this is a rather significant event, since we have not so few debtors who are unable to pay off creditors. The bankruptcy procedure of an individual has its own specifics. Of course, it must be considered.
Who can claim to be “insolvent”? One whose total debts exceed one hundred thousand rubles. It is also important that debts be unpaid within six months. Bankruptcy proceedings can begin at the request of the person concerned, that is, even the creditor can appeal to the court.
At the moment, the bankruptcy of an individual is used only in cases where the debtor himself is determined to pay the creditor. After applying to the arbitration court, a citizen will receive the right to settle his debts within five years. This installment plan, of course, will allow him to improve his financial situation. Will any interest be charged at this time? Yes, half of the Central Bank refinancing rate will be charged. Restructuring begins without the consent of the creditors. Only the citizen who has regular income can take advantage of its preferential variety.
Bankruptcy of individuals is what fraudsters try to cash in on (where would it be without this?). That is why criminal liability for foul play in this area has already been criminalized.
If a lawsuit is filed with an arbitration court, then all creditors must submit applications with their claims to the debtor within a period of one month. Bankruptcy of individuals is the process by which an interim trustee is appointed. Together with the insolvent citizen, he will have to develop and draw up a debt payment plan.
If it becomes obvious that there is no way to pay off debts in the period prescribed by law (that is, five years), the question will arise about the need to sell the property of the debtor. It will be sold under the hammer.
Bankruptcy of individuals is a process in which the following property cannot be sold legally to pay off debts:
- land;
- personal items;
- household appliances, the cost of which does not exceed 30 thousand rubles;
- household items;
- housing of the debtor's family.
Upon completion of the bankruptcy procedure, all debts will be deemed repaid, and the bankrupt will be exempted from the obligation to pay something on old debts in the future.
Bankruptcy of individuals involves certain restrictions. An insolvent citizen will not be able to take any loans for five years. Within a year, he will not be able to become a subject of entrepreneurial activity, as well as occupy managerial positions in any enterprises.