Debt Recovery During a Debtor’s Personal Bankruptcy
Recently, legislation accommodated indebted natural persons. Specifically, the amended Bankruptcy and Restructuring Act allowed debtors to legally cancel all their debts. Unfortunately, this provision significantly restricted creditors who hold legitimate claims against such individuals. However, if your debtor declared personal bankruptcy, you should not despair. In reality, with our professional help, your money does not have to be completely lost.
The Pitfalls of Debt Relief and Low Returns for Creditors
In practice, personal bankruptcy represents a process through which a natural person sheds their liabilities. During this procedure, the debtor chooses debt relief either through a payment schedule or by declaring bankruptcy on their assets. Subsequently, the trustee satisfies creditors’ claims from these funds. However, in a bankruptcy scenario, the debtor often owns absolutely no assets and remains unemployed. As a result, the recovered amount rarely suffices for you, and even with a payment schedule, you typically recover only 30% of your original claim.
Precisely because of the remaining 70%, it pays off to entrust the case to our experts. Indeed, we provide comprehensive debt recovery for both legal entities (B2B) and natural persons (B2C), so we can thoroughly investigate your debtor. At the same time, we apply a completely transparent rule – if we do not recover your financial resources, you pay no remuneration for our services. Thanks to this, you have the certainty that together we will choose the most effective debt collection procedure.
How Can We Cancel a Dishonest Debtor’s Debt Relief?
Fortunately, the law allows us to file a motion to cancel the debt relief on behalf of the creditor, up to 6 years from its initiation. Through this step, the debts become valid and fully enforceable again without becoming statute-barred. Naturally, the court approves such a request only if we successfully prove the debtor’s dishonest intentions.
For example, dishonest behavior includes concealing a part of the assets, recently transferring property to another person, or intentionally causing one’s own insolvency. Therefore, we actively file legal objections against such speculative maneuvers.
Hidden Incomes, Inheritance, and Illegal Work
In addition, even after declaring bankruptcy, the debtor must continue to pay alimony, financial penalties, or compensate for damages. Moreover, if the debtor inherits property, wins the lottery, or receives a valuable gift during a certain period, they must hand over at least 50% of this value to their creditors. If they conceal this fact, they commit a dishonest intent. In such cases, our company immediately takes the necessary steps leading to the successful recovery of your money.
Furthermore, we must highlight the fact that many such debtors remain voluntarily unemployed and work illegally “on the black market”. Without a doubt, this behavior is illegal and unacceptable for society. Therefore, we purposefully focus on verifying these suspicions and subsequently report them to the relevant authorities. Ultimately, the authorities cancel the debtor’s debt relief option, and we continue with standard execution proceedings.
Get Your Money Back Without Upfront Fees
In conclusion, we must emphasize that even complicated situations with personal bankruptcy have solutions. If you prefer a faster agreement, we also offer highly decisive out-of-court debt recovery. You can always verify that we work fairly and without hidden costs by viewing our transparent debt collection price list.
Therefore, do not hesitate and contact us immediately. Subsequently, our specialists will evaluate your case in detail and prepare a completely free claim assessment for you.