If you have enough income to continue facing the mortgage payment, but not to deal with all the expenses that you must deal with as a family, truth is you can be “in a case of Family Bankruptcy”.
If you are facing this situation, you still have a choice as you can file for bankruptcy (family bankruptcy). In doing so, they paralyze interrupt payments, interest on the debt and the executions in the course, it makes it possible to achieve a reduction of up to 50% debt and lets get up to five years of deferral.
You’re still in time to solve your problem in an easy way. The family bankruptcy law has come as a ball of oxygen for you to correct your financial imbalances through new pacts with banking institutions (creditors). I will help you obtain the family bankrupt but let me tell you first what bankruptcy is.
Bankruptcy is known as the condition assuming that the total liabilities to which the person, whether natural or legal, must make front is higher than its assets. The term “bankruptcy” is used less today, in comparison to ‘company in debt’, i.e., in judicial proceedings with the intention of attending the creditors according to the order or priority that legally have to be able to collect their rights.
What is the Family Bankruptcy?
Family bankruptcy or insolvency proceedings of natural person, is a judicial proceeding in which the debtor’s family, filed a demand the Court to apply for judicial relief or respite when debts are drowning him and is today insolvent.
The family with this statement of contest or insolvency paralyzes the claims of all the creditors, as well as the interests of the same. Banks cannot file any lawsuit since it is in a situation of bankruptcy.
How the Family Bankruptcy Process takes place?
Once declared the contest or bankruptcy in court, his lawyer requested that family incomes are required by the Court a fixed monthly amount to meet the basic needs of every day, for example, rental or payment of mortgage, food, school fees, clothing, light, travel, etc., and the remainder or surplus is retained to reach an agreement with its creditors, normally banks and it can repay the debt with a delay of 5 years and a reduction or removes from the debt of up to 50%.
This procedure is workable when the family with his income can pay the mortgage or the rent of the House, but fails to pay others provide us personal or credit cards. With the Declaration of insolvency paralyzes the interests of those loans and cards and they cannot sue the Court. Normally these creditors admit with the lengthening of the term debt for his return.
Once you reach an agreement, court approves and the family comes out of the competition and has the obligation to comply with the agreement. The average of this process time is 12 months.
“Regulations of the Family Bankruptcy”:
The law governing family bankruptcy is bankruptcy law, which is obsolete and was intended exclusively for commercial traffic. So as family bankruptcies are processed we force the Government to adopt a specific law on bankruptcy or bankruptcy family. Since at the moment they are processed and the truth is that they are passing with relative ease.
The Government begins the litigation processes, since they are in a legal vacuum. Regardless of all this rules governing also there are all kinds of situations negotiations. And a lawyer is needed to study each case, personally, because you cannot generalize. Since each case is different, one needs to analyze the customer options and possibilities and then start working on them.