The Federal Law No. 127-F3 “On Bankruptcy” has been in effect in the Russian Federation since 2002. This bill was developed to declare bankrupt legal entities and individual entrepreneurs. Chapter 10 of this law is partially applied to individuals who cannot pay for their financial obligations.
It is necessary
- - application to the court;
- - a copy of the loan agreement;
- - a package of evidence.
Instructions
Step 1
A separate law on bankruptcy of individuals is in final reading by the State Duma. Currently, you can declare a citizen bankrupt, but at the same time you will still have to pay for your debt obligations, since there are only two outcomes of the development of events - this is debt restructuring and the seizure of the debtor's property.
Step 2
To file a bankruptcy of a private person, you must submit an application to the arbitration court. This can be done by the borrower himself or his lenders. The application must be accompanied by a copy of the loan agreement and a weighty package of evidence. If a creditor submits an application, then he is obliged to provide evidence that the debtor has not paid his debts for more than 6 months. If the debtor submits an application, it is necessary to attach a package of documents confirming the absence of income and indicate a valid reason for their absence. For example, a layoff at work is a good reason for debt restructuring and a review of the loan repayment amount, or the opportunity to get a deferred payment if the debtor wants to pay off creditors.
Step 3
The court considers the application, hears the arguments of the debtor, creditors and witnesses. On the basis of this, a resolution is issued on an additional review of the amount of payments, a delay in the payment of debt for several months or years.
Step 4
If the debtor is not going to pay on his financial obligations, then the court makes a decision on the inventory of the property and its sale to pay off debts to creditors. All valuable property of the debtor is described and sold through the sphere of commission trade or through an auction. They do not confiscate personal items, housing, if it is the only one, as well as the last 25 thousand rubles. Everything else is described by the bailiff.
Step 5
In any case, you will have to pay debts, regardless of whether you are declared bankrupt or not.
