Statement on insolvency of a natural person

Life is full of surprises, sometimes unpleasant ones. There are situations when a person finds himself in a debt pit from which it becomes impossible to get out on his own. It is for such cases that Ukrainian legislation provides for the bankruptcy procedure of natural persons.

What does a declaration of insolvency of an individual provide?

By filing for bankruptcy, an individual receives:

1. Discharge of Debts: After bankruptcy, most debts (with the exception of some categories, such as alimony) are considered discharged.
2. Protection from actions of creditors: during the bankruptcy procedure, a moratorium is imposed on the collection of debts, that is, creditors will not be able to seize the debtor’s property, freeze his accounts, etc.

In what cases can you write such a statement?

An individual may file for bankruptcy if there are the following grounds:

1. The total amount of debts exceeds 300 times the minimum wage.
2. The debtor cannot fulfill the demands of creditors within 3 months.
3. There is a threat of insolvency.

Legal support when writing a declaration of insolvency of an individual

The bankruptcy procedure is complex and requires knowledge of the law. Independently writing a statement and conducting a case in court can lead to mistakes that will negatively affect the result. Therefore, it is recommended to seek qualified legal assistance.

Our lawyers will help you in a difficult debt situation at every step of solving the problem:

Analyzing your situation and determining whether you really need bankruptcy:

• A detailed conversation with you: we will carefully listen to your story, ask clarifying questions in order to understand your financial situation as much as possible.
• Debt Analysis: We’ll examine all your debt obligations, including amounts, repayment terms, availability of collateral, penalties, and more.
• Asset valuation: we will analyze your assets (property, securities, bank accounts) to determine their value and the possibility of using them to repay debts.
• Income and expenses assessment: We will analyze your monthly budget, sources of income and financial obligations to determine if you can pay off your debts on your own.
• Study of alternative options: we will analyze the possibility of debt restructuring, that is, negotiations with creditors on changing the terms of payments (reduction of the amount, extension of terms, etc.).
• Objective assessment: based on all the information gathered, our lawyers will give you an objective assessment of your situation and tell you honestly whether bankruptcy is really the best solution for you.

Collecting the necessary documents and correctly completing the application:

• Property declaration: we will help you prepare a declaration that summarizes information about your assets and liabilities.
• Other documents: depending on your specific situation, we will help you collect other necessary documents, such as income certificates, medical certificates, documents confirming your expenses, etc.
• Bankruptcy application: we will prepare a legally competent bankruptcy application, which will clearly state your situation, justify your insolvency and specify all the necessary requirements.

Representation of your interests in court:

• Preparation for the court session: we will carefully study all the case materials, develop tactics for conducting the case, prepare the necessary evidence and arguments.
• Professional defense in court: we will represent your interests at all stages of court proceedings, defend your rights and defend your position.
• Communication with the court and creditors: we will conduct a constructive dialogue with the court and your creditors, trying to reach a solution acceptable to all parties.
• Appealing court decisions: in case of disagreement with the court decision, we will appeal it to higher authorities.

Protection of your property against illegal seizure:

• Risk analysis: we will carefully analyze all possible risks of seizure of your property by creditors.
• Protective measures: we will take all the necessary measures to protect your property from illegal seizure, for example, we will challenge the actions of creditors in court, we will help you arrange the property for other people (on legal grounds), we will offer other legitimate means of protection.
• Legal representation: in case of disputes with creditors regarding your property, we will represent your interests in court.

By contacting our law firm, you can be sure that you will receive qualified legal assistance and protection of your interests at all stages of the bankruptcy procedure.

Do you want to make an appointment for a consultation or find out the price of an individual insolvency application? Fill out the form below.