consumer bankruptcy - I will answer how to get rid of debts in a short time

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** A diagram that, step by step, in an accessible way, illustrates the bankruptcy procedure depending on the individual situation of the debtor. **

• The first step to getting out of the debt spiral is to file for bankruptcy. A debtor who has become insolvent may file an appropriate application by paying a small court fee of PLN 30. (he may also be exempt from such a fee if his situation prevents it from being paid). The petition for consumer bankruptcy may be filed by the debtor in person or through an attorney. * Upon receipt of the application, the stage of the proceedings begins for the Court to assess the insolvency as well as the reasons that led to the financial disadvantage. * After considering the application, the court may dismiss it or declare bankruptcy against the debtor. The declaration of bankruptcy begins the way for the bankrupt to regain financial freedom. (the duration of consumer bankruptcy depends largely on the number of creditors) During the assessment of the application, the court may decide to hear the debtor or evaluate the application in closed session, during which time it is not necessary to appear in court. * The court, after assessing the application and confirming its legitimacy, issues an Order in which it declares consumer bankruptcy. * After the issuance of the Order on consumer bankruptcy, the so-called proper bankruptcy proceedings aimed at the cancellation of debts held by the debtor. How long will the bankruptcy proceedings take? It all depends on the situation of the debtor, whether he has assets or not, how much is his debt, how many creditors does he have? etc. * If the debtor owns property (real estate or valuable movable property), usually the next step is to cash the debtor's assets and pay off the debt. This is done by a trustee appointed by the court, who will carry out the inventory and valuation of the property. It is the duty of the bankrupt to enable the receiver to work, provide him with all necessary documents. * In the course of bankruptcy proceedings, the Debtor may also apply for a sum separated from the bankruptcy estate, which will allow him and his family to meet their housing needs after the sale of the flat or house. The funds that can be collected after the sale of the bankrupt's assets are used to pay off the creditors. However, this is not always enough to satisfy everyone and repay debts in full. The bankrupt must pay off the rest of the debt himself, using the so-called repayment plan. * In a situation where the debtor has no property and the debtor's remuneration is minimal, the court withdraws from drawing up a repayment plan and cancels the entire debt, while the costs for consumer bankruptcy and the receiver's remuneration are charged to the State Treasury. * When assessing the chances of declaring consumer bankruptcy, it should be taken into account that currently we are dealing with a continuous liberalization of provisions on consumer bankruptcy, which causes an increasing favor of the courts assessing applications. Benefits arising from the opening of the bankruptcy procedure

1. Suspension of court proceedings pending against the debtor, 2. Suspension and then discontinuation of enforcement proceedings conducted by bailiffs, 3. Termination of telephone, written and direct reminders by debt collection companies (contact with creditors is taken over by the trustee), 4. Stop accruing interest on cash receivables , 5. Possibility for consumers who own property (especially premises, houses) to conclude a favorable arrangement with creditors as to the terms and conditions of repayment. 6. Possibility of applying for funds to meet the housing needs of the Debtor and his family from the price obtained from the sale of an apartment owned by an insolvent person. Benefits resulting from the conducted bankruptcy proceedings

2. Repayment of part of the obligations (debts) as part of the repayment plan established by the court, taking into account the financial and personal situation of the debtor, in installments, from one year to 7 years in extreme cases, possible cancellation of the obligations (debts) of the consumer - the debtor who is unable to perform any repayments, ie lack of remuneration, illness, low pension, etc. 2. Gaining a chance for the so-called A "new start", i.e. starting a peaceful life without the visits of debt collectors, phone calls and reminders from creditors, bailiffs, 3. Canceling all entries in the debtors' registers (the possibility of incurring new obligations to cover consumption needs), 4. Regaining peace, payment credibility and dignified life, 5. Consumer debt.