Consumer bankruptcy gives debtors a chance to get out of debt and the so-called “new start”. Restructuring advisory services provided by LSW in the area of consumer bankruptcy include in particular: assistance in preparing and filing a bankruptcy petition, including the collection and preparation of required information and documentation for the petition, assistance in drafting the grounds for the petition, and representation of the debtor during the proceedings before the court, the trustee and the creditors.

CONSUMER BANKRUPTCY – STAGES OF PROCEEDINGS

  1. Filing a petition to declare bankruptcy.
  2. Decision to declare bankruptcy (appointment of an official receiver, summoning creditors to submit claims and rights and receivables).
  3. Determining by the trustee the state of liabilities of the bankruptcy estate and the state of the bankruptcy estate.
  4. Selection by the trustee of the manner and execution by the trustee of the liquidation of the bankruptcy estate.
  5. Presentation by the trustee of a proposal of how the proceedings are to be closed (repayment plan/discontinuance of the liabilities without establishing a repayment plan / conditional discontinuance of the liabilities without establishing a repayment plan/refusal of debt relief)
  6. Termination of the proceedings – decision of the court on the distribution of the bankruptcy estate funds and establishment of a creditors’ repayment plan, unless the court decides that there are prerequisites for the cancellation of the liabilities without establishing a repayment plan or for the conditional cancellation of the liabilities without establishing a repayment plan or for the refusal to pay off the debt.

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