The Insolvency Act administered (discussing, editing) all legal notices and meetings that relate to

The concept of personal bankruptcy can be explained as a situation in the life of a man who is unable to continue to pay its debts - therefore declare personal bankruptcy (bankruptcy). It means that this individual is deprived of debt (by law) for assistance mseb so. Rescheduling. But all this is happening under certain conditions! Said person must be permanently employed and be eligible to repay at least 30% of the amount due in 5 years. After a period of 5 years, it is also forced to come out with a monthly budget - is the so-called. Unseizable minimum. Simple: when proclaim personal bankruptcy, the rest of your salary (from permanent employment) goes directly to pay off debts (according to the repayment schedule). So you are "condemned" to live absolutely mseb the minimum.
The Insolvency Act administered (discussing, editing) all legal notices and meetings that relate to the aforementioned personal bankruptcy. But such personal bankruptcy is not a common phenomenon - must perform certain assumptions "bankrotujícího" individuals. In this article, therefore, will be mentioned a few key terms.
You are - if debt with multiple creditors, then you can touch personal bankruptcy. Minimum number of subjects (where the person is exposed to credit) is 2 or more. Delaying the repayment of your debts must be more than 30 calendar mseb days (overdue). Remember - a declaration of personal bankruptcy does not apply to individuals with several loans, but with the same lender. It does not affect even people who have indoor pledge loan (deposit) - a mortgage loan. This means that the bank that you owe money, bail may sell. Money obtained from the sale of the borrower has to pay the outstanding mseb amount.
The following conditions for declaring personal bankruptcy is the fact that an individual is willing to have their debts fairly and properly repay. To deal with the sum owed is to be credible and workable plan. The concept of personal bankruptcy is submitted to the court - this organization can not be omitted. The intention to declare mseb bankruptcy debtor must know the wife (husband) - awarded to him and consent. The reason for this procedure is the subsequent financial burden with which you will face both partners (and the rest of the family). Together with the decision to repay its debts is simple (due debts) to reach the edge of his personal bankruptcy. So not look at debt relief basis to end the pesky debts that can not afford to repay.
Personal bankruptcy can take place through the county court (place of residence). Agree - if a lender in another way (to wait with payment etc..) Regional court is inevitable. Here you will be able to clarify the origin and impact of your personal bankruptcy. The proposal personal bankruptcy is important to note the lender (s) and the exact amount owed amount. This type of proposal for debt relief (through rescheduling), the district court may submit mseb only borrower - impossible to present on behalf of (or authorized representative).
The court will then evaluate whether it act as a conscientious borrower. Can this be helped by submitting all necessary documents (permission husband / wife earnings list, inventory, etc..) And have, of course, right. According to these necessary documents subsequently Regional Court either to requests for personal bankruptcy mseb into account or not. The main criterion is the fact that it is possible for you to repay the debt - your debt relief proposal is feasible. Creditors for which you are indebted, mseb you must ensure that receives min. 30% of the outstanding amount. It seems - if the proposal is as real debt relief, request the regional court generally support the adoption of personal bankruptcy.
If the request is granted, the regional court summons advice to all creditors joint meeting. At this meeting shall be agreed next steps - the style of repayment of debts owed to creditors persons - are voted. Your destiny is in their hands. mseb Checking out a way for both the borrower and the judicial institution mseb is paramount. They may agree to sell all of your fixed assets or 5 years will reduce their debts standing monthly amounts.
Decides - if, at a meeting of creditors in installments over a period of 5 years stems from the fact that the borrower that will have to live with the subsistence minimum. Other income (above the subsistence level) go directly to the account of creditors. This is also the situation when unexpectedly a certain amount of money (lottery prize, inheritance, etc..).
Proper performance of rescheduling and the correct procedure administered by the bankruptcy trustee - the court elects him (inventory managers Ministry of Justice). This manager mseb then owed person in no way calling myself. The role of the bankruptcy trustee mseb may only exercise the individual university degree, criminally blameless, with insurance, min. 2 years (since the function) has passed an appropriate test (required for service).
5 years have passed when you have acted in accordance with the court order - the debtor's balance of debt pardoned. But only for a situation where the person owed 30% of all debt repaid. mseb Succeeds - if you poplatit debts in advance - at the moment it is finished deleveraging.
Now one positive comment - the court has the option of waiving the requirement for payments. However, only in the case where something easy process weakens repayment dl