Financial difficulties can affect anyone. Sometimes debts accumulate unnoticed, becoming a heavy burden.
Constant stress, calls from debt collectors, sleepless nights – this is a reality for many Ukrainians. However, there is a way to get out of the debt trap and start a new phase in life – the bankruptcy procedure for an individual.
What is personal bankruptcy?
Personal bankruptcy is a legal procedure that allows a debtor to settle or write off debts beyond their ability to pay. The main goal is to give a person the opportunity to start their financial life with a clean slate, without constant pressure from creditors.
In the world, bankruptcy has long been considered as a tool for restoring solvency. In Ukraine, this mechanism has been relatively recent, but its effectiveness has already been proven.
Why is bankruptcy not a defeat, but a new beginning?
For many, bankruptcy proceedings are associated with real financial failure. But that is not true. This is a legal way to get rid of debt and regain peace of mind and confidence in the future.
The main advantages of the method:
- Collector protection: All creditor claims are terminated.
- Legal control: The procedure takes place under the supervision of the court and qualified specialists.
- New beginning: Once bankruptcy is completed, the debts are discharged, allowing you to focus on restoring financial stability.
When is the method economically feasible?
The procedure is advisable if the amount of the loan exceeds UAH 150 thousand. This is due to the official costs of the procedure, which can reach 100 thousand UAH. With a smaller amount, the economic feasibility of the method decreases, because the costs can be equal to the debt itself.
Efficiency of the bankruptcy procedure
One of the most common fears of debtors is the fear that the bankruptcy procedure may not produce results and the costs will be meaningless. This is natural, especially in a difficult financial situation. However, experience shows that the bankruptcy procedure for individuals in Ukraine is an effective mechanism for solving debt problems.
We, the legal company Liquidator Pro, have been practicing this method since its introduction, and the statistics show:
What circumstances can complicate the process?
- Providing false information or hiding the debtor’s assets are the most common reasons.
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Violation of the debtor’s deadlines or procedures established by the court.
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The procedure is challenged by creditors who question the legality of the bankruptcy.
Despite these challenges, proper preparation and professional support significantly reduce the risks and increase the chances of a successful outcome.
How does the bankruptcy process work?
The bankruptcy procedure consists of the following stages:
- Contact a lawyer: situation assessment, debt assessment and document preparation.
- Filing an application in court: the official start of the procedure.
- Restructuring or writing off debts: depending on the financial situation of the debtor.
- Completion of the process:obtaining a court decision regarding debt relief.
Why act now?
Hoping that problems will go away on their own often leads to more debt and more financial and emotional pressure, because debt doesn’t go away without action. The end of the year is the best time to start solving financial problems and enter the new year with a clear plan for the future and confidence in your actions.
Your second chance is coming soon
If debts have become a part of your life, bankruptcy is a real opportunity to regain financial stability.
Start with free consultation, where LiquidatorPro specialists will analyze your situation in detail, assess all possible risks and calculate the cost of the procedure. The consultation does not obligate you to anything, but will help you weigh the pros and cons before making an important decision.
LiquidatorProhas 17 years of experience in the Ukrainian market and provides transparent and professional support at every stage of the procedure. We will help you walk this path as comfortably and safely as possible. Leave a request for a consultationand we will contact you as soon as possible.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.