German bankruptcy law
A personal bankruptcy is supposed to free you from debt; it is meant to draw a line under the demands of your creditors. But to do this in Germany, a long and uncertain road lies ahead of you.
The principle of German insolvency law is that your creditors’ debts are settled. This leads to a number of severe disadvantages for debtors. In the following section we’ve marked out a number of aspects particular to German insolvency law:
German bankruptcy law is bureaucratic and expensive
At the start of the bankruptcy procedure, the experts will decide whether the insolvency assets are even enough to cover the costs of the procedure. According to German insolvency law, only when this has been confirmed, will the court decide whether a personal bankruptcy procedure can be initiated. German insolvency law creates costs. Lawyers, court commissioned experts, insolvency administrators, trustees…..must all be paid for by you!
German bankruptcy law slows down your personal bankruptcy
In German bankruptcy law, from the start of the procedure until your debt relief order is issued, it takes at least six years. But this isn’t guaranteed! According to German insolvency law, up until the deletion of your record from the debt register, bankruptcy takes from nine to ten years! And that’s just if it goes smoothly.
A debt relief order is not guaranteed in German bankruptcy law and comes with limitations.
Whether you are issued with a debt relief order is uncertain until the very end. In German insolvency law there are two reasons for refusal. From experience there’s always some reason why you won’t be issued with a debt relief order.What a lot of people don’t know is that, according to German insolvency law, claims to your assets continue (paragraph 301 InsO). Even interest on debts continues. Debts simply turn into “imperfect liabilities”, your request for enforceability will simply be registered. Debt relief orders are simply theory in German insolvency law.
German bankruptcy law will expose you to huge charges, stop you from being able to do business and won’t let you make a proper fresh start
- During the personal bankruptcy and while your record is in the debt register you’ll find it very difficult to find a comfortable flat. Changing gas, electric or telephone service providers is just as difficult.
- The attachment-exemption level is geared to keeping your living costs to a minimum and is determined according to a schematic index. Your individual needs are not taken into consideration.
- When filing for insolvency, German insolvency law dictates that you are refused credit and sometimes even that your bank account is closed.
- Professional independence is almost impossible for you, even with an extremely well thought out business plan.
- Even after the debt relief order is issued, German insolvency law means that you still won’t be in a position to make a fresh start.
These were just some of the disadvantages of German law. Do you really want to expose yourself to this system? Especially when you could go for a personal bankruptcy determined by UK personal bankruptcy law?
Are you still having thoughts about the UK personal bankruptcy process?
Sometimes clients hesitate to take on their insolvency by UK bankruptcy law. Escaping…. the method showing least strength…..dishonesty towards creditors. But studies confirm that your creditors will receive no significant benefits if you opt to take on the burdens of a German personal bankruptcy. You yourself will find absolutely no advantages in German insolvency law.
Our advice to you:
Choose the english bankruptcy and contact us for assistance!