Bankruptcy of citizens is gaining popularity

The comment is given by the deputy managing partner of Law Office "Main Letter" Eyassou Tedros.

The institution of bankruptcy of citizens is gaining popularity. The number of those whose names appear on the list of bankrupts is growing: if in 2016 32,016 cases of insolvency of individuals were registered in the courts, then in 2020 bankruptcy was initiated against 120,000 citizens.
At the same time, if initially the claims were filed by debtors with significant amounts of debt, then with an increase in the number of applicants, the average amount of a claim for personal insolvency has decreased. This means that the procedure of bankruptcy of citizens is becoming popular among the wider population.
The popularity of the choice of bankruptcy procedure is due to the presence of obvious advantages that take place for the debtor, such as: suspension of accrual for all financial obligations, fines, penalties or interest, protection from foreclosure on the only housing, as well as write-off of debt obligations following the completion of the procedure.
At the same time, the prospect of repayment of the existing debt as a result of foreclosure on the debtor's property, including at the expense of his assets illegally alienated within a three-year period before the initiation of the case, determines the interest in using the bankruptcy mechanism on the part of creditors.
Meanwhile, the achievement of the goals of this procedure directly depends on active and professional participation in the case, taking into account the specifics of each specific case. Thus, in order to defend your rights in court and complete the bankruptcy procedure in a successful way for yourself, you need the help of a qualified lawyer specializing in the field of bankruptcy law.
The lawyers of the Bureau have a practice of representing the interests of various parties: the creditor, the debtor, the arbitration manager, bidders, counterparties on disputed transactions, persons brought to subsidiary responsibility, which allows us to provide professional legal services for comprehensive support of the bankruptcy procedure of citizens, regardless of the status of the represented person.
Thus, our lawyers provide qualified assistance in preparing the necessary procedural documents for both the debtor and the creditor, provide assistance in choosing self-regulating organizations, an arbitration manager, in finding expert organizations and organizations responsible for conducting auctions, representing the interests of the principal in courts, exercising control over the work of the financial manager, defending or challenging transactions with the debtor's property, depending on the goals of the represented person, as well as preparing analytical reviews of judicial and arbitration practice on the application of legislation, providing advice on all issues, etc.
At the same time, the lawyers of the Bureau successfully solve the most complex issues that arise in cases of insolvency of individuals. Thus, the problem of protecting the rights of debtors when foreclosing on a single housing does not lose its relevance.
Our lawyers have a successful experience in solving the problem of the debtor's preservation of the only housing, including those that are pledged.
The procedure for foreclosing on such housing has a number of legal nuances and features, in connection with which a competent legal position of the debtor's representative can become the key to success and victory in such a case.