Bankruptcy of individuals: reviews of the past

The bankruptcy procedure of individuals in Russia has been launched since 2015. Since that time, not only legal entities, but also all citizens of our country can fall into the category of financially insolvent due to accumulated debt obligations in an amount exceeding five hundred thousand rubles, and the delay for which amounted to more than three months. This also includes debt obligations for loans, taxes, utilities, etc., when the monthly income of an individual does not allow them to be paid. Moreover, debts are taken into account, both to legal entities and to individuals, using the principle of their addition.

Bankruptcy can be a real way out of the difficult financial situation in which a person finds himself in the event of his failure to pay monetary obligations. For example, the amount of salary or pension is not enough for monthly payments of loans, taxes, utilities and other financial burdens. In this case, debts cannot simply be repaid, but rather accumulate like a snowball with a geometric progression.

Such a seemingly fatal situation can be positively resolved by launching the bankruptcy process. Moreover, from the moment the legal proceedings in this case begin, the persecution of creditors in the form of, inter alia, calls from collectors, which with their aggressive pressure, often very seriously overshadow life, will immediately stop. And the procedure itself today takes about a year, which can be considered a perfectly justified term.

The current situation with the bankruptcy of “physicists” in our country is not at all optimistic. The fact is that this law was supposed to create the most favorable financial situation and proceeded from the fact that more than half a million people who in fact belong to this category of people live in Russia. However, now only a few tens of thousands of people dared to go through this procedure, and are recognized as official bankrupt.

Of course, this procedure takes a lot of time and effort, however, the achieved goal is very significant. In order to reliably understand all the nuances of this business, it is necessary first of all to study the reviews of specific people who have already gone bankrupt. And only then to decide how an individual situation can be justified in this context.

Main factors

Today's statistics eloquently suggests that residents of large cities, as the most competent from a legal point of view, often turn to bankruptcy specialists. Therefore, the responses of residents of Moscow, St. Petersburg and other regional centers can be found on the Internet.

Summarizing the reviews of people who applied to arbitration courts with statements about declaring themselves bankrupt, the following can be distinguished:

- you can go through the bankruptcy procedure yourself;

- the budget of this event may fluctuate within the amount of about one hundred thousand rubles;

- the average time is about a year (seven to eight months when selling property);

- the best option can be considered a procedure where debts amount to more than half a million rubles, and there are no movable and immovable property;

- The negative consequences of bankruptcy are fully justified by the benefits of it.

Since the law on the bankruptcy of individuals is still quite "crude", in real cases there are many questions that cause various interpretations and disputes.

The main misconceptions of citizens

An analysis of the bankruptcy situation of individuals today shows that many people do not resort to it because of many fears.

First of all, the erroneous opinion relates to the fact that only debts that are recorded only at the moment are supposedly subject to cancellation. Naturally, a communal apartment, traffic fines, alimony and other types of financial burdens associated with the personality of the borrower cannot be written off by definition. After all, these obligations imply the real life of a person. However, credit liabilities and debts incurred before other individuals are written off in full and regardless of the expiration date of contractual obligations.

The next myth related to bankruptcy is the deceptive opinion that the debtor is prohibited from traveling abroad. After the procedure, traveling outside the Russian Federation is generally unlimited. But during the consideration of the case, permission of the court will be required to leave. The application must contain justification related to work or family motives.

Often there is also the opinion that, instead of declaring bankrupt, the court may decide to take away all the salary or pension. In this context, it should be clearly understood that even when analyzing the income part of an individual who reveals a clear opportunity to pay off their debts, these debts will not be subject to full and one-time write-offs, but will only be restructured. And the amount of monthly debt repayment in accordance with the established schedule will be calculated based on the maximum bar of 50% of income. In this case, there are a lot of nuances associated with the cost of living in the region of residence, the presence of dependents, etc.

Moreover, it is important to understand that reviews that indicate the opposite are clearly fabricated and do not reflect the real picture. The law is exclusively humane in nature and its goal is to bring the citizens of our country who have fallen into a difficult financial situation out of a critical state.

Procedural part

Ordinary citizens of our country have not yet mastered the bankruptcy procedure and believe that this is another way to enrich lawyers. However, it is important to understand that anyone can submit an application independently or through a proxy. Moreover, lenders can submit such an application. But the latter, as a rule, do not do this due to the fact that additional legal costs will not be reimbursed from a financially insolvent borrower.

Bankruptcy proceedings are economically disadvantageous only to those individuals who own substantial property, including the collateral to the creditor. In this case, the loan will be repaid due to its implementation. It is important to know that fictitious bankruptcy is prosecuted under the Criminal Code of the Russian Federation. Such a scheme for disposing of property by re-registering it with relatives, close or trusted people is criminal. These transactions have a statute of limitations - 3 years. Within this period they will be canceled.