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Entrust the management of personal bankruptcy to professionals!

Liabilities on loan agreements become impossible? The amount of monthly payments has become unaffordable? Do collectors threaten you or your family members? It is time to take decisive action. Contact Law & Wise Law Office - experts will help solve financial problems legally!

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How will we help you in particular?

To declare bankrupt, the debt of a person must exceed 500 thousand rubles and loan payments delayed for more than 3 months. According to statistics, in 2017 over 45 million people in Russia used credit facilities of banks and commercial organizations, and 8 million of them could not cope with their obligations. In other words, they are on the list of potential bankrupts.

Are you on a list of debtors, because you cannot handle the loans? Our experts are ready to help you fix the situation. Lawyers will provide legal protection to the client in the bankruptcy proceedings. For this, we will:

  • Analyze the client's case. We will work out a competent strategy to protect the client’s interests, gather the necessary evidence to begin the process of personal bankruptcy.
  • Prepare and send the necessary documents for filing for personal bankruptcy to the commercial court, which will lead to legal proceedings.
  • Select a financial manager to manage the client’s property, followed by publication of information about the commencement of bankruptcy proceedings in the Unified Federal Register of Bankruptcy Information (UFRBI) and the Kommersant newspaper.
  • Represent the client’s interests at the meeting of creditors and biddings for the sale of property.
  • Help restructure debt and make creditors’ payments possible and affordable.
  • Complete the procedure of personal bankruptcy leading to writing off debts, lifting an attachment of property not subject for sale, as well as removing restrictions on traveling abroad.
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Why should one not hold off on the bankruptcy procedure?

In the event of a difficult financial situation, it is necessary to begin personal bankruptcy as soon as possible. What is the reason for such urgency?

The deterioration of the debtor's financial standing - the amount of debt will only increase each day because of the accrual of fines and penalties for arrears.

The creditors will use more drastic debt collection methods.

The chances of a positive outcome of the case reduce- if the creditor initiates bankruptcy proceedings. The citizen’s property is sold at auction (with the exception of, for example, the only housing).

There is an opportunity to fix the debt. After the initiation of bankruptcy proceedings the charging of penalties, interest and fine is suspended.

Suspended enforcement proceedings. When an individual initiates bankruptcy, FSSP suspends the recovery of debts during the trial.

Bankruptcy is the only way to solve the financial problems of an individual, regulated by Russian law. Do you need expert help at this stage? Law & Wise team of lawyers will get the job done!

Judical practices and cases

QUESTION-ANSWER

What are the requirements for an individual to declare bankrupt?

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According to the Federal Law No. 127-FZ “On Insolvency (Bankruptcy)” of October 26, 2002, in order to be declared bankrupt, the borrower must meet the insolvency criteria:

• have a debt, the amount of which exceeds more than 500 thousand rubles;
• delay payments on credit obligations for more than 3 months;
Furthermore, in order to declare bankrupt, property insufficiency is also important, i.e. the value of the property owned by an individual must not exceed the amount of his obligations.

How is the property of a person evaluated at the auction?

See the answer

By virtue of paragraph 2 of Art. 213.26 of the Bankruptcy Law, the financial manager independently assesses the citizen’s property included in the bankruptcy estate, and the decision is taken in writing. A citizen, creditors, and an authorized body in a personal bankruptcy case may challenge the assessment.

In addition, a meeting of creditors has the right to decide on an assessment of the citizen’s property, a part of this property included in the bankruptcy estate, with the involvement of an assessment officer. The costs of the assessment are at the expense of the persons who voted for the decision.

Who chooses financial manager for bankruptcy?

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Both the creditor who files the debtor insolvency and a citizen who files for bankruptcy can propose the candidate for a financial manager.

What are the consequences of a personal bankruptcy?

See the answer

Art. 213.30 of Bankruptcy Law stipulates the consequences of a personal bankruptcy. For example, a citizen recognized as bankrupt has no right to conclude credit and loan agreements for 5 years without indicating the fact of his bankruptcy. Besides, the citizen cannot initiate a new bankruptcy and cannot hold a position in the legal entity’s management bodies.

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Why should you entrust the bankruptcy proceedings to Law & Wise lawyers?

Signing a contract with the client:

We guarantee high quality services - the experts of our bureau have rich practical experience in handling personal insolvency cases and writing off debts

We are responsible for the result of legal proceedings - the client will be notified of all existing risks that may arise in the process of declaring him bankrupt

We comply with timeframes of our services - it is important for us that the client achieves his goal - writing off debts, and incurs minimal costs, therefore we strictly adhere to the terms of the contract

We individually approach the financial problems of a person - the circumstances of the trial may differ, as well as the methods of solving problems, therefore lawyers from Law & Wise take into account the nuances of the case and develop a unique tactic to protect the interests of each client
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Our experts

Ilya Kirillov
Executive Partner
Denis Dubovik
Executive Partner
Ivan Kolsanov
Associate Partner, Insolvency Officer
Georgy Simonyan
Associate Partner, IMEX Expert, PhD in Law
Damir Nigmatulin
Senior Lawyer
Zhuravleva Olga
Senior Lawyer
Aliev Elman
Lawyer
Law & Wise legal services in Moscow info@lwise.pro 2 Entuziastov Boulevard,
BC Golden Gate, 24th floor
Mo-Fr from 10 a.m. to 7 p.m.