How to declare yourself bankrupt in Ukraine?

Declaring bankruptcy can be a difficult and difficult decision, but sometimes it is the only way out of financial crisis and debt. The Code of Ukraine on Bankruptcy Procedures contains norms and rules that regulate the debt write-off procedure for individuals in Ukraine.

How to declare yourself bankrupt in Ukraine?

The bankruptcy procedure consists of the following stages:

1. Analysis of credit history

The first step is a credit history analysis. You need to understand whether there are grounds for filing for bankruptcy under Article 115 of the Bankruptcy Code of Ukraine. If you cannot repay your debts to creditors, and have overdue obligations in the amount of at least 30 minimum wages, or have stopped repaying loans or other scheduled payments in the amount of more than 50% of monthly payments for two months, and there are other circumstances that indicate a threat of your insolvency, then you have the right to apply to the commercial court with an application to open bankruptcy proceedings.

2. Collection and preparation of documents

After analyzing the credit history, you need to collect all the necessary documents. The list of documents is determined by the Bankruptcy Code. These should be confirmation of credit obligations, income and expenses, proof of insolvency, other personal documents. After the collection, it is necessary to prepare a statement of insolvency with attachments to the court, where you indicate the circumstances of the case, requirements to the court and confirmation of your insolvency.

3. Submitting an application with documents to the court

After the documents are ready, you need to send them to the Commercial Court at the place of registration or actual residence and wait for the opening of proceedings in the case.

4. Opening proceedings and involving the arbitration manager in the case

After submitting an application to the court, within 5 working days, the court issues a decision to open proceedings in the case and engages an arbitration administrator in the proceedings, who will subsequently manage the restructuring and liquidation and dispose of the property.

5. Trial and decision

After the opening of the proceedings, the merits of the case are considered for a period of up to 120 days, the demands of the creditors, declared to the debtor, are considered in court sessions. As a result, depending on the circumstances of the case, the court makes a decision to approve the restructuring or proceed to the procedure of full debt repayment. Upon completion of the procedure, the individual's debts can be considered fully repaid, and the person freed from onerous loans.

In conclusion, it should be noted that before initiating your own bankruptcy procedure, you should familiarize yourself with all the risks and nuances that may arise in the process of writing off debts, as well as be ready for the consequences defined by law.

In order to receive a comprehensive consultation, legal opinion and further legal support in the debt repayment procedure, leave an application on our website and wait for a call from our specialist in credit issues and bankruptcy in Ukraine.