Bankruptcy - the fact of the inability of the debtor to meet the requirements of creditors (the impossibility of payment of mandatory payments). The person can declare such status on his own or with the help of an arbitration court (important: transformation from the effective debtor in insolvent occurs only after the decision of the arbitral tribunal).
The debtor in this case may be an individual entrepreneur or JUR. A person who under pressure from circumstances was unable to pay the debt to creditors during the period, which was established by the Bankruptcy Law (three months). Creditors are the persons who make requirements for the execution of monetary obligations (sometimes other obligations). Bankruptcy cases are solved in court at the location of the debtor (possibly at the location of the enterprise or residence of the face).
Required for registration of bankruptcy Documents
Bankruptcy procedure begins with preparation. In the first stages, it is necessary to establish their financial affairs and prepare documents for subsequent design. The statement will need to be submitted to the Arbitration Court with documents that confirm the presence of a difficult situation.
Documents required for bankruptcy design:
- debtor passport;
- if the debtor is married, it is necessary to provide copies of the certificate of its conclusion and birth of children;
- if the marriage contract was consistent, it is necessary to provide its copy;
- if a person is divorced for more than 3 years, it is necessary to provide documents confirming this (if necessary, it will also be necessary to provide documents on the division of proven property);
- it is necessary to provide documents issued by government agencies: a copy of the INN, a copy of SNOW with an extract on the personal account, a document on the presence or absence of an individual status;
- the final documents contain information on the list of all the property of the debtor, documents for ownership, copies of the income over the past 3 months, certificates of accounts from bank accounts, the amount of taxes;
- in the presence of shares - it is necessary to provide an extract from the register of shareholders.
What else you need to know for bankruptcy
After preparing the documents, it is necessary to briefly describe the situation, because of which the person is no longer able to repay debts. In the future, this information will be included in the bankruptcy statement. The bankruptcy procedure implies the introduction of assets management restrictions. If a bankruptcy application is made, the person will be prohibited to pay any debt (this prohibition also applies to the property that was laid). In parallel with this, the court will appoint a financial manager who will follow the receipt / issuance of loans, providing guarantees, the rights of claims, etc.
The last group of documents are those related to debt (confirming the impossibility of paying loans). It is also necessary to provide a list of debtors and loans required by the amount, their location. After collecting documents, you can prepare a statement about the recognition of the person insolvent, and it will also be necessary to fill out the forms established by the Ministry of Economic Development.
Restructuring
Before confirming the person's confirmation, the restructuring plan proposed by the debtor, the lender or other authorized body is considered. Restructuring is a certain compromise that is convenient for solving problems with money and a creditor, and a borrower. As the basis of this plan takes the income of the debtor, from which, naturally, the amount of accommodation is deducted. The balance of this amount will be aimed at repaying the debt. The term executed plan is not more than three years.
Reality shows that more than 90% of people will not bother with restructuring due to low income or the lack of such. Only with professional lawyers can create a successful plan, thanks to which the bankruptcy procedure can be avoided.
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